Norden Group LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Norden Group LLC acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 10,130 shares of the oil and gas company’s stock, valued at approximately $121,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PTEN. Vanguard Group Inc. lifted its position in Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after acquiring an additional 1,847,468 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Patterson-UTI Energy by 6.5% in the fourth quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock valued at $91,860,000 after purchasing an additional 519,259 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Patterson-UTI Energy by 10.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock worth $87,208,000 after buying an additional 703,536 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Patterson-UTI Energy by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock valued at $51,677,000 after buying an additional 177,428 shares during the last quarter. Finally, Norges Bank bought a new position in Patterson-UTI Energy during the 4th quarter valued at $44,911,000. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PTEN. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. 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 note on Monday, April 15th. Susquehanna cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research note on Thursday. Piper Sandler decreased their price target 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. Finally, Evercore ISI cut their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $15.55.

Insider Buying and Selling at Patterson-UTI Energy

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

Patterson-UTI Energy Stock Up 0.6 %

Shares of NASDAQ PTEN opened at $10.25 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The stock has a market capitalization of $4.12 billion, a PE ratio of 15.07 and a beta of 2.19. Patterson-UTI Energy, Inc. has a one year low of $9.51 and a one year high of $16.17. The business’s fifty day moving average price is $10.47 and its 200-day moving average price is $10.96.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $0.46 earnings per share. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.56 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.12%. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

About Patterson-UTI Energy

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.