10,726 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Oak Harvest Investment Services

Oak Harvest Investment Services purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 1st quarter, HoldingsChannel reports. The firm purchased 10,726 shares of the oil and gas company’s stock, valued at approximately $128,000.

Other hedge funds have also modified their holdings of the company. Norden Group LLC acquired a new stake in shares of Patterson-UTI Energy in the first quarter worth $121,000. InTrack Investment Management Inc raised its stake in shares of Patterson-UTI Energy by 10.8% during the 1st quarter. InTrack Investment Management Inc now owns 31,913 shares of the oil and gas company’s stock valued at $381,000 after buying an additional 3,100 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Patterson-UTI Energy by 10.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock valued at $87,208,000 after buying an additional 703,536 shares during the period. Vaughan Nelson Investment Management L.P. boosted 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 last quarter. Finally, AlphaMark Advisors LLC grew its holdings in Patterson-UTI Energy by 42.1% during the first 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 period. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated 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 transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Up 0.7 %

Shares of PTEN opened at $10.13 on Friday. 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, Inc. has a one year low of $9.68 and a one year high of $16.17. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 14.90 and a beta of 2.19. The stock has a 50 day moving average price of $10.58 and a 200 day moving average price of $11.00.

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

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Evercore ISI lowered their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. 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 research report on Monday, April 15th. Susquehanna restated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Finally, Piper Sandler lowered their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. One equities research 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.