Patterson-UTI Energy, Inc. $PTEN Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management trimmed its Patterson-UTI Energy stake by 4.1% in the fourth quarter, selling 188,987 shares and ending with 4.38 million shares valued at about $26.7 million.
• Analysts have been more constructive on PTEN, with several firms raising price targets and Capital One upgrading the stock to overweight; the consensus rating is now Moderate Buy with an average target of $11.80.
• The company reported mixed recent results and insider selling: Q1 earnings beat expectations, but revenue fell 12.7% year over year, while CEO William Andrew Hendricks Jr. and director Cesar Jaime both sold shares. Patterson-UTI also announced a quarterly dividend of $0.10 per share, implying a 3.3% annualized yield.

Fisher Asset Management LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,377,814 shares of the oil and gas company's stock after selling 188,987 shares during the period. Fisher Asset Management LLC owned about 1.15% of Patterson-UTI Energy worth $26,748,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PTEN. Sourcerock Group LLC grew its holdings in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Holocene Advisors LP grew its holdings in Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock worth $47,801,000 after acquiring an additional 5,891,956 shares in the last quarter. UBS Group AG grew its holdings in Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after acquiring an additional 4,558,445 shares in the last quarter. Millennium Management LLC grew its holdings in Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after acquiring an additional 4,442,700 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Patterson-UTI Energy by 92.6% during the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock worth $52,030,000 after acquiring an additional 4,093,636 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Citigroup raised their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Capital One Financial raised shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price objective for the company in a report on Monday, April 20th. The Goldman Sachs Group raised their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Finally, Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the company a "buy" rating in a report on Friday, April 24th. One 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.80.

Insider Activity at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the sale, the director directly owned 77,462 shares in the company, valued at $952,007.98. This trade represents a 11.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the sale, the chief executive officer owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This represents a 8.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 in the last ninety days. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Trading Down 1.5%

NASDAQ PTEN opened at $12.12 on Wednesday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The company has a 50-day simple moving average of $11.20 and a 200-day simple moving average of $8.54. 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 firm has a market capitalization of $4.60 billion, a PE ratio of -39.10 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly 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 business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy's revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.19 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date 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 currently -129.03%.

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.

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