Patterson-UTI Energy, Inc. $PTEN Shares Acquired by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP boosted its stake in Patterson-UTI Energy by 148.2% in the fourth quarter, ending with 173,169 shares valued at about $1.06 million. Several other hedge funds also increased holdings, and institutional investors now own 97.91% of the stock.
• Analysts have turned more constructive on the company, with Stifel Nicolaus, Morgan Stanley, Goldman Sachs, and Barclays all lifting price targets; Barclays upgraded the stock to overweight. The consensus rating is now Moderate Buy, with an average price target of $11.80.
• Patterson-UTI reported quarterly EPS of -$0.06, beating expectations, and revenue of $1.12 billion, also slightly ahead of estimates. The company also declared a $0.10 quarterly dividend, while insiders sold shares during the period, including CEO William Andrew Hendricks, Jr.

GSA Capital Partners LLP grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 148.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,169 shares of the oil and gas company's stock after buying an additional 103,405 shares during the quarter. GSA Capital Partners LLP's holdings in Patterson-UTI Energy were worth $1,058,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Profund Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 28.0% in the 4th quarter. Profund Advisors LLC now owns 108,896 shares of the oil and gas company's stock valued at $665,000 after buying an additional 23,798 shares during the period. Tejara Capital Ltd lifted its holdings in shares of Patterson-UTI Energy by 60.5% in the 4th quarter. Tejara Capital Ltd now owns 890,493 shares of the oil and gas company's stock valued at $5,441,000 after buying an additional 335,500 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Patterson-UTI Energy by 120.6% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 127,500 shares of the oil and gas company's stock valued at $779,000 after buying an additional 69,700 shares during the period. Versor Investments LP acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $404,000. Finally, Connable Office Inc. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $147,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Stifel Nicolaus raised their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Morgan Stanley raised their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. The Goldman Sachs Group raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $10.00 to $15.00 in a research note on Thursday, May 7th. Finally, Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.80.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $12.21 on Friday. 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 stock has a fifty day moving average of $11.06 and a two-hundred day moving average of $8.41. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -39.39 and a beta of 0.64. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business's revenue was down 12.7% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.2 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.3%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -129.03%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares of the company's stock, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cesar Jaime sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 808,949 shares of company stock valued at $9,387,035. Corporate insiders own 2.20% of the company's stock.

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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