Deprince Race & Zollo Inc. Cuts Stock Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Deprince Race & Zollo Inc. cut its stake in Patterson-UTI Energy by 99.6% in Q4, selling 5,812,532 shares and leaving just 23,482 shares worth $143,000.
• Patterson‑UTI beat Q4 EPS estimates (reported ($0.02) vs. ($0.11) expected) and posted $1.15B revenue, raised its quarterly dividend to $0.10 (annualized $0.40, ~3.8% yield), but remains unprofitable with negative margins and a negative P/E.
• Director Robert Wayne Drummond Jr. sold 164,775 shares for about $1.68M, institutional investors own roughly 97.9% of the stock, and analysts' consensus rating is a "Hold" with a $8.78 target.

Deprince Race & Zollo Inc. lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 99.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,482 shares of the oil and gas company's stock after selling 5,812,532 shares during the period. Deprince Race & Zollo Inc.'s holdings in Patterson-UTI Energy were worth $143,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada grew its position in Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 4.9% during 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 during the last quarter. United Services Automobile Association purchased a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Patterson-UTI Energy by 3.6% during 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 last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN opened at $10.56 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The firm has a fifty day moving average price of $9.50 and a 200 day moving average price of $7.38. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $11.75. The stock has a market cap of $4.01 billion, a P/E ratio of -42.24 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.10 billion. During the same period in the previous year, the business posted ($0.13) EPS. The business's revenue was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a $0.10 dividend. The ex-dividend date was Monday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.8%. This is an increase from Patterson-UTI Energy's previous quarterly dividend of $0.08. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -160.00%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Citigroup boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a "positive" rating in a research report on Tuesday, April 7th. Finally, Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $8.78.

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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