Dimensional Fund Advisors LP Has $229.73 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Dimensional Fund Advisors LP boosted its stake in Patterson-UTI Energy by 14.9% in the first quarter, ending with 21.2 million shares valued at about $229.7 million.
• The company reported mixed recent results: quarterly EPS of -$0.06 beat expectations, while revenue of $1.12 billion slightly topped estimates but still fell 12.7% year over year.
• Insider selling has been notable, with the CAO and a director both selling shares, while analysts currently rate the stock a Hold overall with a consensus price target of $12.15.

Dimensional Fund Advisors LP increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 14.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,211,576 shares of the oil and gas company's stock after acquiring an additional 2,745,872 shares during the quarter. Dimensional Fund Advisors LP owned 5.59% of Patterson-UTI Energy worth $229,732,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP grew its holdings in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp raised its holdings in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after purchasing an additional 4,299 shares during the period. Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after purchasing an additional 7,171 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,007,844 shares of company stock valued at $11,922,302. Corporate insiders own 2.20% of the company's stock.

Patterson-UTI Energy Trading Down 3.5%

NASDAQ:PTEN opened at $10.34 on Friday. 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 one year low of $5.10 and a one year high of $13.08. The company has a market cap of $3.93 billion, a PE ratio of -33.35 and a beta of 0.62. The firm has a 50-day moving average of $10.66 and a 200-day moving average of $9.82.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research report on Monday, June 29th. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Piper Sandler raised Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price objective for the company in a research note on Tuesday, July 14th. Capital One Financial upgraded Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price objective for the company in a report on Monday, April 20th. Finally, Susquehanna cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating on the stock in a report on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and a consensus price target of $12.15.

About Patterson-UTI Energy

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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