Convergence Investment Partners LLC Invests $1.32 Million in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Convergence Investment Partners initiated a new position in Patterson-UTI Energy during the first quarter, buying 122,358 shares valued at about $1.32 million.
• The stock has seen notable institutional interest, with hedge funds and other investors making recent changes and institutions owning 97.91% of Patterson-UTI Energy shares overall.
• Patterson-UTI Energy reported Q1 EPS of -$0.06, beating estimates, while revenue came in at $1.12 billion but was still down 12.7% year over year; analysts currently rate the stock a consensus Hold with a $12.15 target price.

Convergence Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 122,358 shares of the oil and gas company's stock, valued at approximately $1,325,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock valued at $1,397,000 after acquiring an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after purchasing an additional 10,142 shares during the period. Goldman Sachs Group Inc. raised its holdings in Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after purchasing an additional 220,422 shares in the last quarter. United Services Automobile Association bought a new position in Patterson-UTI Energy in the 1st quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock worth $7,106,000 after purchasing an additional 30,217 shares during the period. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 4.3%

NASDAQ:PTEN opened at $10.53 on Wednesday. The firm's 50-day moving average price is $10.72 and its 200-day moving average price is $9.76. The company has a market capitalization of $4.00 billion, a PE ratio of -33.97 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.11 billion. Patterson-UTI Energy's revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares of the company's stock, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the sale, the director owned 1,190,248 shares in the company, valued at $14,330,585.92. The trade was a 21.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Morgan Stanley raised their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 15th. The Goldman Sachs Group lifted their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $12.15.

Patterson-UTI Energy Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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