Prescott Group Capital Management L.L.C. Takes Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Prescott Group Capital Management opened a new position in Patterson-UTI Energy, buying 190,000 shares worth about $1.16 million in the fourth quarter.
• Insider activity was notably negative, with directors Robert Wayne Drummond Jr. and Cesar Jaime selling shares, while insiders sold a total of 808,949 shares last quarter.
• Patterson-UTI reported quarterly EPS of -$0.06, better than expected, and revenue of $1.12 billion; the company also declared a $0.10 quarterly dividend and analysts currently rate the stock a Moderate Buy.

Prescott Group Capital Management L.L.C. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 190,000 shares of the oil and gas company's stock, valued at approximately $1,161,000. Prescott Group Capital Management L.L.C. owned approximately 0.05% of Patterson-UTI Energy as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in PTEN. Royal Bank of Canada raised 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 valued at $1,397,000 after buying an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 valued at $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 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 valued at $39,024,000 after purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Patterson-UTI Energy by 3.6% during the 1st 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 purchasing an additional 30,217 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director owned 1,128,773 shares of the company's stock, valued at $13,567,851.46. This trade represents a 5.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares in the company, valued at approximately $952,007.98. This trade represents a 11.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 808,949 shares of company stock valued at $9,387,035 in the last quarter. Insiders own 2.20% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $12.28 on Thursday. The firm has a market cap of $4.66 billion, a PE ratio of -39.61 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The company's fifty day simple moving average is $11.01 and its two-hundred day simple moving average is $8.37.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion for 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%. The company's revenue for the quarter was down 12.7% on a year-over-year basis. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.2 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on PTEN. Citigroup increased their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. Morgan Stanley increased their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a report on Wednesday, April 15th. Barclays raised shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $10.00 to $15.00 in a report on Thursday, May 7th. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Finally, The Goldman Sachs Group increased their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "buy" rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.80.

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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