GW&K Investment Management LLC Purchases 35,331 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

GW&K Investment Management LLC boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 837,466 shares of the oil and gas company’s stock after acquiring an additional 35,331 shares during the quarter. GW&K Investment Management LLC’s holdings in Patterson-UTI Energy were worth $9,044,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PTEN. Parkside Financial Bank & Trust boosted its stake in Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Patterson-UTI Energy in the 3rd quarter worth $98,000. GAMMA Investing LLC bought a new position in shares of Patterson-UTI Energy in the 4th quarter worth $77,000. Signaturefd LLC grew its holdings in shares of Patterson-UTI Energy by 82.9% during the 3rd quarter. Signaturefd LLC now owns 9,071 shares of the oil and gas company’s stock valued at $126,000 after purchasing an additional 4,111 shares during the last quarter. Finally, FDx Advisors Inc. bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at $141,000. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the subject of several analyst reports. Raymond James dropped their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Piper Sandler lowered their price target on shares of 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Evercore ISI reduced their price objective on shares of 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. Finally, Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.98 on Thursday. 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 $9.70 and a 12-month high of $16.17. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.81 and a beta of 2.23. The firm has a 50 day moving average of $11.47 and a 200 day moving average of $11.29.

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 net margin of 4.07% and a return on equity of 7.13%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.56 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s 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 completion of the transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

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.