Allspring Global Investments Holdings LLC Buys 703,536 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Allspring Global Investments Holdings LLC increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,303,828 shares of the oil and gas company’s stock after acquiring an additional 703,536 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Patterson-UTI Energy were worth $87,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of PTEN. Vaughan Nelson Investment Management L.P. increased its stake in shares of Patterson-UTI Energy by 15.7% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,064,107 shares of the oil and gas company’s stock worth $36,586,000 after buying an additional 416,480 shares during the period. AlphaMark Advisors LLC grew its holdings in Patterson-UTI Energy by 42.1% in the 1st quarter. AlphaMark Advisors LLC now owns 28,194 shares of the oil and gas company’s stock worth $337,000 after acquiring an additional 8,351 shares during the last quarter. ARGA Investment Management LP purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at about $1,391,000. Fortitude Family Office LLC raised its stake in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,594 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.21 during midday trading on Tuesday, reaching $10.30. 839,405 shares of the company’s stock traded hands, compared to its average volume of 6,753,258. Patterson-UTI Energy, Inc. has a one year low of $9.68 and a one year high of $16.17. The stock has a 50 day moving average of $10.66 and a 200 day moving average of $11.02. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 14.84 and a beta of 2.19. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.46 earnings per share. As a group, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.55 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Evercore ISI dropped their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Bank of America decreased their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday, April 15th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Piper Sandler decreased their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.82.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.