Kingsview Wealth Management LLC Sells 411,975 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Kingsview Wealth Management trimmed its stake in Patterson-UTI by 79.1%, selling 411,975 shares and leaving it with 109,073 shares valued at about $565,000 per its latest 13F filing.
• Director James Carl Stewart sold 368,254 shares at an average price of $5.87 (≈$2.16M), cutting his ownership by 64% and retaining 207,000 shares.
• Patterson-UTI raised its quarterly dividend to $0.10 (annualized $0.40, ~4.5% yield; ex-dividend March 2), while analysts hold a consensus "Hold" rating with an average price target of $8.11.

Kingsview Wealth Management LLC trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 79.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 109,073 shares of the oil and gas company's stock after selling 411,975 shares during the period. Kingsview Wealth Management LLC's holdings in Patterson-UTI Energy were worth $565,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 3,343 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Patterson-UTI Energy in the third quarter worth approximately $37,000. EverSource Wealth Advisors LLC grew its position in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after buying an additional 7,171 shares during the period. Blue Trust Inc. grew its position in Patterson-UTI Energy by 43.0% during the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company's stock valued at $47,000 after buying an additional 2,717 shares during the period. Finally, Arkadios Wealth Advisors purchased a new stake in Patterson-UTI Energy during the third quarter valued at approximately $52,000. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PTEN. Piper Sandler increased their price target 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. Citigroup upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Friday, February 6th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.11.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 368,254 shares of the business's stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $8.97 on Friday. The company has a market capitalization of $3.40 billion, a P/E ratio of -35.88 and a beta of 0.71. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.07. The firm's 50 day simple moving average is $7.65 and its two-hundred day simple moving average is $6.47. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) 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 for the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the firm earned ($0.13) EPS. The company's revenue was down 1.0% on a year-over-year basis. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, March 2nd. This is a boost from Patterson-UTI Energy's previous quarterly dividend of $0.08. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -160.00%.

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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