Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Franklin Resources Inc.

Posted by on Jun 2nd, 2023

Franklin Resources Inc. cut its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 6.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 438,872 shares of the oil and gas company’s stock after selling 28,012 shares during the quarter. Franklin Resources Inc. owned 0.20% of Patterson-UTI Energy worth $7,391,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy in the third quarter worth $27,000. ExodusPoint Capital Management LP lifted its stake in shares of Patterson-UTI Energy by 189.1% during the third quarter. ExodusPoint Capital Management LP now owns 358,115 shares of the oil and gas company’s stock worth $4,183,000 after purchasing an additional 234,233 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of Patterson-UTI Energy by 2.6% during the fourth quarter. New York State Common Retirement Fund now owns 890,052 shares of the oil and gas company’s stock worth $14,988,000 after purchasing an additional 22,575 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Patterson-UTI Energy by 35.4% in the third quarter. Allianz Asset Management GmbH now owns 976,599 shares of the oil and gas company’s stock worth $11,407,000 after acquiring an additional 255,296 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 36.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 52,848 shares of the oil and gas company’s stock worth $890,000 after acquiring an additional 14,162 shares in the last quarter. 96.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on PTEN shares. StockNews.com began coverage on Patterson-UTI Energy in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating for the company in a report on Friday, February 10th. Morgan Stanley decreased their price objective on Patterson-UTI Energy from $20.00 to $18.00 in a report on Tuesday, April 18th. Piper Sandler decreased their price objective on Patterson-UTI Energy from $24.00 to $19.00 in a report on Monday, May 1st. Finally, Citigroup decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 in a report on Friday, May 19th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.19.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $10.27 on Friday. Patterson-UTI Energy, Inc. has a one year low of $9.70 and a one year high of $19.94. The stock has a fifty day moving average of $11.23 and a 200-day moving average of $14.21. The company has a market capitalization of $2.14 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 0.15 and a beta of 2.29. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.47 and a current ratio of 1.60.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings data on Wednesday, April 26th. The oil and gas company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.10. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. The company had revenue of $791.80 million during the quarter, compared to the consensus estimate of $757.41 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. The company’s quarterly revenue was up 55.4% compared to the same quarter last year. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post 1.74 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.12%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 24.62%.

Patterson-UTI Energy Profile

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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