GAMMA Investing LLC Raises Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

GAMMA Investing LLC raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 1,567.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,726 shares of the oil and gas company's stock after buying an additional 105,025 shares during the quarter. GAMMA Investing LLC's holdings in Patterson-UTI Energy were worth $918,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after buying an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Patterson-UTI Energy during the 4th quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Patterson-UTI Energy during the 4th quarter valued at about $42,000. Smartleaf Asset Management LLC raised its position in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $85,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, the director now directly owns 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $6.43 on Tuesday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -2.60 and a beta of 1.31. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.27. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The business has a 50-day moving average of $5.92 and a 200-day moving average of $7.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the firm posted $0.15 earnings per share. Patterson-UTI Energy's revenue for the quarter was down 15.2% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders 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 dividend yield of 4.98%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PTEN shares. Morgan Stanley cut their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Susquehanna decreased their price target on 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. The Goldman Sachs Group decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Barclays dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $9.50.

About Patterson-UTI Energy

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.

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