AlphaMark Advisors LLC Grows Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

AlphaMark Advisors LLC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 42.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,194 shares of the oil and gas company’s stock after buying an additional 8,351 shares during the period. AlphaMark Advisors LLC’s holdings in Patterson-UTI Energy were worth $337,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PTEN. Fortitude Family Office LLC boosted its holdings in Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy in the 4th quarter worth about $40,000. CWM LLC boosted its stake in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the last quarter. GAMMA Investing LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter worth about $77,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in Patterson-UTI Energy by 46.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $107,000 after buying an additional 3,196 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $10.09 on Tuesday. The company has a market cap of $4.05 billion, a P/E ratio of 14.84 and a beta of 2.19. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. Patterson-UTI Energy, Inc. has a one year low of $9.68 and a one year high of $16.17. The business’s 50-day simple moving average is $10.66 and its 200 day simple moving average is $11.02.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the company posted $0.46 EPS. On average, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post 0.55 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on PTEN. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday. Piper Sandler reduced their price objective 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. Susquehanna reaffirmed a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Finally, Bank of America reduced their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. One research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.82.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Company 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.