Vaughan Nelson Investment Management L.P. Purchases 416,480 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vaughan Nelson Investment Management L.P. increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,064,107 shares of the oil and gas company’s stock after purchasing an additional 416,480 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Patterson-UTI Energy were worth $36,586,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PTEN. BNP Paribas Financial Markets increased its holdings in shares of Patterson-UTI Energy by 92.1% during the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock worth $9,809,000 after buying an additional 435,490 shares in the last quarter. Pingora Partners LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $245,000. Raymond James & Associates increased its holdings in shares of Patterson-UTI Energy by 22.2% during the fourth quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock worth $6,836,000 after buying an additional 114,868 shares in the last quarter. Walleye Trading LLC acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth approximately $2,830,000. Finally, Edmond DE Rothschild Holding S.A. increased its holdings in shares of Patterson-UTI Energy by 37.8% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock worth $14,580,000 after buying an additional 370,000 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

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

Patterson-UTI Energy Trading Down 0.3 %

Shares of NASDAQ PTEN opened at $10.06 on Wednesday. The company’s fifty day moving average is $10.63 and its 200-day moving average is $11.02. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 14.79 and a beta of 2.19. Patterson-UTI Energy, Inc. has a twelve month low of $9.68 and a twelve month high of $16.17. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period last year, the firm posted $0.46 earnings per share. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.56 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.18%. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Analyst Ratings Changes

A number of analysts recently weighed in on PTEN shares. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday. Evercore ISI lowered their price target on shares of 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 report on Monday, May 6th. Piper Sandler lowered their price target on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Finally, Bank of America lowered their price target 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. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $15.82.

Patterson-UTI Energy Company 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.