Bernzott Capital Advisors Increases Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bernzott Capital Advisors boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 14.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 847,934 shares of the oil and gas company's stock after purchasing an additional 104,990 shares during the quarter. Patterson-UTI Energy comprises 3.4% of Bernzott Capital Advisors' investment portfolio, making the stock its 10th largest holding. Bernzott Capital Advisors owned 0.22% of Patterson-UTI Energy worth $6,970,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $42,000. Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after purchasing an additional 2,153 shares in the last quarter. Finally, Sciencast Management LP purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $85,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research analyst reports. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. JPMorgan Chase & Co. lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Finally, Susquehanna cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $8.77.

Patterson-UTI Energy Stock Down 0.8%

Shares of PTEN stock traded down $0.05 during trading on Monday, hitting $5.90. 2,776,137 shares of the company were exchanged, compared to its average volume of 11,826,211. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -2.27 and a beta of 1.32. The business's 50-day simple moving average is $6.06 and its 200 day simple moving average is $7.08. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.07.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the previous year, the company earned $0.15 earnings per share. The company's revenue was down 15.2% compared to the same quarter last year. As a group, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.