Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC boosted its stake in Patterson-UTI by 728.4% in Q3 to 280,919 shares (about $1.46M), representing roughly 0.07% of the company.
• Director James Carl Stewart sold 368,254 shares on Dec. 18 at an average $5.87 (≈$2.16M), cutting his ownership by 64.02%; insiders now hold 2.40% of PTEN.
• Patterson-UTI raised its quarterly dividend to $0.10 (annualized $0.40, ~4.1% yield) and reported quarterly EPS of -$0.02 versus -$0.11 expected, with revenue of $1.15 billion.

Magnetar Financial LLC boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 728.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 280,919 shares of the oil and gas company's stock after purchasing an additional 247,010 shares during the quarter. Magnetar Financial LLC owned about 0.07% of Patterson-UTI Energy worth $1,455,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PTEN. Royal Bank of Canada lifted its position in shares of Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after buying an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock worth $1,904,000 after acquiring an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after acquiring an additional 220,422 shares in the last quarter. United Services Automobile Association purchased a new stake in Patterson-UTI Energy in the first quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Patterson-UTI Energy Stock Up 0.4%

PTEN opened at $9.86 on Friday. 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, Inc. has a 12 month low of $5.10 and a 12 month high of $9.95. The stock has a market capitalization of $3.74 billion, a P/E ratio of -39.44 and a beta of 0.71. The business has a 50 day simple moving average of $7.94 and a 200-day simple moving average of $6.58.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.10 billion. During the same quarter in the prior year, the business posted ($0.13) earnings per share. Patterson-UTI Energy's revenue was down 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a $0.10 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from Patterson-UTI Energy's previous quarterly dividend of $0.08. Patterson-UTI Energy's payout ratio is -160.00%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. The Goldman Sachs Group raised their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Citigroup lifted their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Stifel Nicolaus raised their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $8.11.

About Patterson-UTI Energy

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.

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.