Victory Capital Management Inc. Grows Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Victory Capital Management increased its stake in Patterson-UTI by 4.9% to 2,312,232 shares (about 0.61% of the company), valued at roughly $11.98 million at the end of the quarter.
• Director James Carl Stewart sold 368,254 shares at an average $5.87 (≈$2.16M), reducing his holding by 64.02%; insiders now own about 2.40% of the stock.
• Patterson-UTI raised its quarterly dividend to $0.10 (annualized $0.40, yield ~4.1%) and reported quarterly EPS of ($0.02) versus consensus ($0.11) on $1.15 billion in revenue.

Victory Capital Management Inc. grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,312,232 shares of the oil and gas company's stock after buying an additional 108,600 shares during the period. Victory Capital Management Inc. owned 0.61% of Patterson-UTI Energy worth $11,977,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in PTEN. Sprott Inc. purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $52,000. American Century Companies Inc. grew its stake in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock worth $80,804,000 after buying an additional 1,135,704 shares in the last quarter. Ninepoint Partners LP bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth $2,590,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth $37,000. Finally, Choreo LLC grew its position in Patterson-UTI Energy by 50.0% in the third quarter. Choreo LLC now owns 59,287 shares of the oil and gas company's stock worth $307,000 after acquiring an additional 19,773 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the business's stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $9.82 on Thursday. The firm has a market cap of $3.73 billion, a PE ratio of -39.28 and a beta of 0.71. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.91. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $7.86 and a two-hundred day simple moving average of $6.55.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the company earned ($0.13) earnings per share. Patterson-UTI Energy's revenue was down 1.0% on a year-over-year basis. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently weighed in on PTEN shares. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Piper Sandler increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Stifel Nicolaus boosted 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 Friday, February 6th. Citigroup lifted their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. Finally, The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $8.11.

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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