Jefferies Financial Group Inc. Makes New $2.32 Million Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Jefferies Financial Group opened a new position in Patterson-UTI Energy during the fourth quarter, buying 379,584 shares worth about $2.32 million.
• Insider selling was notable, with directors Cesar Jaime and Robert Wayne Drummond, Jr. both selling shares recently; insiders sold a total of 808,949 shares worth $9.39 million in the last quarter.
• Patterson-UTI reported quarterly EPS of -$0.06, beating estimates, while revenue came in at $1.12 billion and the company also announced a quarterly dividend of $0.10 per share.

Jefferies Financial Group Inc. acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 379,584 shares of the oil and gas company's stock, valued at approximately $2,319,000. Jefferies Financial Group Inc. owned about 0.10% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. FourThought Financial Partners LLC bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $74,000. Global Retirement Partners LLC increased its stake in Patterson-UTI Energy by 4,765.4% in the 4th quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company's stock worth $62,000 after acquiring an additional 9,912 shares during the last quarter. Prescott Group Capital Management L.L.C. bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $1,161,000. GSA Capital Partners LLP increased its stake in Patterson-UTI Energy by 148.2% in the 4th quarter. GSA Capital Partners LLP now owns 173,169 shares of the oil and gas company's stock worth $1,058,000 after acquiring an additional 103,405 shares during the last quarter. Finally, Profund Advisors LLC increased its position in shares of Patterson-UTI Energy by 28.0% during the 4th quarter. Profund Advisors LLC now owns 108,896 shares of the oil and gas company's stock valued at $665,000 after purchasing an additional 23,798 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company's stock, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 808,949 shares of company stock worth $9,387,035 in the last quarter. 2.20% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $12.12 on Wednesday. The business's 50 day moving average price is $11.20 and its 200-day moving average price is $8.54. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The company has a market cap of $4.60 billion, a P/E ratio of -39.10 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted 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 return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.11 billion. The company's revenue was down 12.7% on a year-over-year basis. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.19 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.3%. Patterson-UTI Energy's payout ratio is presently -129.03%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Morgan Stanley boosted their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 15th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $10.00 to $15.00 in a research report on Thursday, May 7th. Piper Sandler boosted their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Finally, Citigroup boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.80.

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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