Vaughan Nelson Investment Management L.P. Grows Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vaughan Nelson Investment Management L.P. grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,064,107 shares of the oil and gas company’s stock after buying an additional 416,480 shares during the period. Vaughan Nelson Investment Management L.P. owned 0.76% of Patterson-UTI Energy worth $36,586,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PTEN. Fortitude Family Office LLC increased its position in 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 worth $25,000 after buying an additional 1,594 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $40,000. CWM LLC grew its position in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $77,000. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Patterson-UTI Energy by 46.9% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 3,196 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 20th. The stock was 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 of the company’s stock, valued at $23,191,187.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PTEN shares. Evercore ISI lowered 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. Bank of America lowered their price objective on 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. Piper Sandler lowered their price objective 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. Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Susquehanna reiterated a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.82.

Patterson-UTI Energy Trading Down 0.3 %

Shares of PTEN opened at $10.06 on Wednesday. The stock’s 50-day moving average is $10.63 and its two-hundred day moving average is $11.02. The stock has a market cap of $4.04 billion, a PE ratio of 14.79 and a beta of 2.19. Patterson-UTI Energy, Inc. has a 12 month low of $9.68 and a 12 month high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data 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. The company 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 quarter in the previous year, the firm posted $0.46 earnings per share. Equities 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 business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 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.