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

Oak Harvest Investment Services purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,726 shares of the oil and gas company’s stock, valued at approximately $128,000.

A number of other large investors have also recently modified their holdings of the business. California State Teachers Retirement System grew its position in Patterson-UTI Energy by 54.5% in the third quarter. California State Teachers Retirement System now owns 389,840 shares of the oil and gas company’s stock worth $5,395,000 after acquiring an additional 137,587 shares in the last quarter. Teza Capital Management LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $391,000. Gotham Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 27.0% during the 3rd quarter. Gotham Asset Management LLC now owns 73,428 shares of the oil and gas company’s stock valued at $1,016,000 after buying an additional 15,611 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $878,000. Finally, Shelton Capital Management lifted its position in Patterson-UTI Energy by 31.4% in the 3rd quarter. Shelton Capital Management now owns 14,311 shares of the oil and gas company’s stock worth $198,000 after buying an additional 3,420 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 0.7 %

NASDAQ:PTEN opened at $10.13 on Friday. The company has a 50-day moving average price of $10.58 and a 200-day moving average price of $11.00. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 14.90 and a beta of 2.19. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 12 month low of $9.68 and a 12 month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share 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 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 in the previous year, the firm posted $0.46 EPS. Equities analysts predict that Patterson-UTI Energy, Inc. will post 0.56 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now directly owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PTEN shares. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday. Evercore ISI decreased their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. 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 restated a “hold” rating on shares of Patterson-UTI Energy 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.