Patterson-UTI Energy, Inc. $PTEN Shares Bought by Tejara Capital Ltd

Key Points

• Tejara Capital Ltd increased its stake in Patterson-UTI Energy by 60.5% in the fourth quarter, buying 335,500 additional shares and bringing its holdings to 890,493 shares worth about $5.44 million.
• Wall Street sentiment on PTEN remains generally positive, with several analysts raising price targets and the stock carrying a consensus rating of Moderate Buy and an average price target of $11.80.
• Company insiders sold a significant amount of stock recently, including the CEO and a director, even as Patterson-UTI Energy reported a smaller-than-expected quarterly loss and announced a $0.10 quarterly dividend payable in June.

Tejara Capital Ltd lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 60.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 890,493 shares of the oil and gas company's stock after purchasing an additional 335,500 shares during the quarter. Patterson-UTI Energy comprises 1.3% of Tejara Capital Ltd's portfolio, making the stock its 15th largest position. Tejara Capital Ltd owned approximately 0.23% of Patterson-UTI Energy worth $5,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Sage Rhino Capital LLC boosted its position in Patterson-UTI Energy by 6.6% during the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company's stock valued at $155,000 after purchasing an additional 1,575 shares during the period. The Manufacturers Life Insurance Company increased its position in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock worth $2,197,000 after buying an additional 1,915 shares during the period. First Horizon Corp lifted its stake in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after buying an additional 2,049 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in Patterson-UTI Energy by 0.4% in the fourth quarter. Wedge Capital Management L L P NC now owns 567,060 shares of the oil and gas company's stock valued at $3,465,000 after buying an additional 2,430 shares during the last quarter. Finally, Brucke Financial Inc. boosted its holdings in shares of Patterson-UTI Energy by 16.6% during the third quarter. Brucke Financial Inc. now owns 22,351 shares of the oil and gas company's stock valued at $116,000 after acquiring an additional 3,176 shares during the period. Institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

PTEN has been the subject of several recent research reports. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. Stifel Nicolaus upped their target price on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 10th. Finally, Susquehanna lifted their price target on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a "positive" rating in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus price target of $11.80.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the 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 directly 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy 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 in the company, valued at approximately $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 808,949 shares of company stock worth $9,387,035 over the last quarter. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $12.12 on Friday. The stock has a market cap of $4.60 billion, a P/E ratio of -39.10 and a beta of 0.64. The firm's 50-day simple moving average is $10.72 and its 200 day simple moving average is $8.19. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $12.62. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business's revenue was down 12.7% on a year-over-year basis. Equities analysts expect that Patterson-UTI Energy, Inc. will post -0.21 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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

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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