Westfield Capital Management Co. LP Grows Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Westfield Capital Management Co. LP grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,884,494 shares of the oil and gas company’s stock after purchasing an additional 452,846 shares during the period. Westfield Capital Management Co. LP’s holdings in Patterson-UTI Energy were worth $46,381,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PTEN. Wellington Management Group LLP lifted its holdings in shares of Patterson-UTI Energy by 5.4% during the third quarter. Wellington Management Group LLP now owns 807,234 shares of the oil and gas company’s stock valued at $11,172,000 after purchasing an additional 41,375 shares during the last quarter. Vanguard Group Inc. raised its holdings in Patterson-UTI Energy by 74.9% in the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after acquiring an additional 18,495,822 shares during the last quarter. Raymond James & Associates raised its holdings in Patterson-UTI Energy by 22.2% in the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock worth $6,836,000 after acquiring an additional 114,868 shares during the last quarter. AlphaMark Advisors LLC raised its holdings in Patterson-UTI Energy by 13.6% in the 4th quarter. AlphaMark Advisors LLC now owns 19,843 shares of the oil and gas company’s stock worth $214,000 after acquiring an additional 2,374 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in Patterson-UTI Energy by 1.5% in the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after acquiring an additional 1,506 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 PTEN stock traded down $0.33 during mid-day trading on Friday, reaching $10.38. 8,399,934 shares of the company’s stock traded hands, compared to its average volume of 8,309,958. Patterson-UTI Energy, Inc. has a 12 month low of $9.51 and a 12 month high of $16.17. The firm has a 50 day moving average price of $10.44 and a two-hundred day moving average price of $10.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. The firm has a market capitalization of $4.17 billion, a PE ratio of 15.26 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data 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 net margin of 4.07% and a return on equity of 7.13%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post 0.49 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PTEN shares. Piper Sandler decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. One equities 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $14.95.

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.