Grace & White Inc. NY Sells 180,000 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Grace & White Inc. NY cut its Patterson-UTI Energy position by 87.6% in the first quarter, selling 180,000 shares and leaving it with 25,400 shares valued at about $275,000.
• Brokerages remain mixed on PTEN: several firms recently adjusted ratings and price targets, and the stock currently carries an average Hold rating with a consensus target price of $12.40.
• Patterson-UTI Energy reported better-than-expected quarterly EPS of -$0.06 and a quarterly dividend of $0.10 per share, even as revenue declined 12.7% year over year and insiders continued selling shares.

Grace & White Inc. NY lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 87.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,400 shares of the oil and gas company's stock after selling 180,000 shares during the period. Grace & White Inc. NY's holdings in Patterson-UTI Energy were worth $275,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PTEN. Citigroup Inc. raised its position in shares of Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company's stock valued at $7,717,000 after buying an additional 139,561 shares in the last quarter. Magnetar Financial LLC lifted its holdings in shares of Patterson-UTI Energy by 728.4% during the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company's stock worth $1,455,000 after acquiring an additional 247,010 shares during the period. SG Americas Securities LLC boosted its position in shares of Patterson-UTI Energy by 141.3% during the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company's stock worth $1,123,000 after acquiring an additional 107,638 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $2,206,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Patterson-UTI Energy in the third quarter valued at approximately $992,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Zacks Research lowered Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Citigroup boosted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Finally, Stifel Nicolaus upped their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $12.40.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $9.59 on Friday. The stock's 50-day moving average is $11.35 and its 200-day moving average is $9.33. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock has a market cap of $3.64 billion, a P/E ratio of -30.93 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. The company's revenue for the quarter was down 12.7% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is -129.03%.

Insider Activity

In other news, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the business'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 directly owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, 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.

Patterson-UTI Energy Company 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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