Goldman Sachs Group Inc. Reduces Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Goldman Sachs Group Inc. decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,391,193 shares of the oil and gas company’s stock after selling 405,585 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Patterson-UTI Energy were worth $47,425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Neo Ivy Capital Management purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $40,000. Caas Capital Management LP purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $149,000. Balyasny Asset Management L.P. purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $44,872,000. CoreCommodity Management LLC lifted its stake in Patterson-UTI Energy by 8.4% in the fourth quarter. CoreCommodity Management LLC now owns 283,667 shares of the oil and gas company’s stock worth $3,064,000 after acquiring an additional 22,080 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $1,706,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In related 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 value of $1,732,500.00. Following the completion of the sale, the director now directly owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PTEN shares. Evercore ISI dropped their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research note 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. Susquehanna reissued a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Finally, Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $9.86 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $9.68 and a 1-year 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. The business has a fifty day moving average price of $10.86 and a 200-day moving average price of $11.07. The company has a market capitalization of $3.96 billion, a PE ratio of 14.50 and a beta of 2.18.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results 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. 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 the consensus estimate of $1.51 billion. During the same period last year, the company earned $0.46 earnings per share. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.55 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.25%. Patterson-UTI Energy’s payout ratio is presently 47.06%.

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.