Walleye Capital LLC Invests $3.38 Million in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Walleye Capital LLC opened a new position in Patterson-UTI Energy during the first quarter, buying 312,266 shares worth about $3.38 million.
• Institutional ownership in PTEN remains very high at 97.91%, and several other large investors also increased their stakes significantly in recent quarters.
• Analysts are mixed on the stock: recent target-price hikes from Goldman Sachs, Stifel, and Barclays offset downgrades from Zacks and a lower target from Susquehanna, leaving the consensus rating at Hold with an average target price of $12.15.

Walleye Capital LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 312,266 shares of the oil and gas company's stock, valued at approximately $3,382,000. Walleye Capital LLC owned about 0.08% of Patterson-UTI Energy as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sourcerock Group LLC lifted its position in shares of Patterson-UTI Energy by 109.2% in 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 purchasing an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. UBS Group AG increased its position in shares of Patterson-UTI Energy by 121.2% during the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after buying an additional 4,558,445 shares during the period. Millennium Management LLC increased its position in shares of Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after buying an additional 4,442,700 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock worth $52,030,000 after buying an additional 4,093,636 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PTEN. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Susquehanna dropped their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Zacks Research lowered Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Barclays upgraded Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $10.00 to $15.00 in a research report on Thursday, May 7th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $12.15.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Cesar Jaime sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the sale, the director owned 77,462 shares in the company, valued at approximately $952,007.98. This represents a 11.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,007,844 shares of company stock valued at $11,922,302 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $10.34 on Friday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -33.35 and a beta of 0.62. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The firm has a fifty day simple moving average of $10.66 and a 200 day simple moving average of $9.82. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy's revenue was down 12.7% compared to the same quarter last year. Research analysts forecast that Patterson-UTI Energy, Inc. will post -0.06 EPS for the current fiscal year.

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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