GAMMA Investing LLC Sells 1,156 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

GAMMA Investing LLC reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 16.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,829 shares of the oil and gas company’s stock after selling 1,156 shares during the quarter. GAMMA Investing LLC’s holdings in Patterson-UTI Energy were worth $70,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Blackstone Inc. bought a new stake in shares of Patterson-UTI Energy during the third quarter valued at approximately $483,016,000. Vanguard Group Inc. raised its stake in shares of Patterson-UTI Energy by 74.9% in the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after purchasing an additional 18,495,822 shares during the last quarter. Cerberus Capital Management L.P. bought a new position in shares of Patterson-UTI Energy during the third quarter valued at $188,486,000. FMR LLC boosted its position in shares of Patterson-UTI Energy by 21,195.0% during the third quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after buying an additional 11,600,658 shares during the last quarter. Finally, Norges Bank bought a new stake in Patterson-UTI Energy in the 4th quarter worth about $44,911,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which is available through this link. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $10.10 on Monday. The firm’s 50 day simple moving average is $10.80 and its two-hundred day simple moving average is $11.05. 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 company has a market capitalization of $4.06 billion, a P/E ratio of 14.85 and a beta of 2.18. Patterson-UTI Energy, Inc. has a 1-year low of $9.68 and a 1-year high of $16.17.

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

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.08 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 3.17%. Patterson-UTI Energy’s payout ratio is 47.06%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Susquehanna reaffirmed a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday. Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Piper Sandler dropped their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Finally, Evercore ISI reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.67.

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.