Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Holdings Raised by Viking Fund Management LLC

Viking Fund Management LLC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,000 shares of the oil and gas company’s stock after buying an additional 10,000 shares during the quarter. Viking Fund Management LLC’s holdings in Patterson-UTI Energy were worth $842,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $40,000. Vanguard Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Patterson-UTI Energy in the 4th quarter worth about $426,000. CWM LLC raised its holdings in Patterson-UTI Energy by 28.5% during 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 period. Finally, Fortitude Family Office LLC lifted its stake in Patterson-UTI Energy by 320.7% during 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 buying an additional 1,594 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Up 2.7 %

NASDAQ PTEN traded up $0.22 on Friday, reaching $8.29. The company had a trading volume of 7,580,808 shares, compared to its average volume of 6,923,521. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 12.19 and a beta of 2.12. The company’s fifty day moving average is $8.53 and its 200-day moving average is $10.00. Patterson-UTI Energy, Inc. has a 1-year low of $7.45 and a 1-year high of $14.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post 0.28 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.86%. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PTEN. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday. Royal Bank of Canada dropped their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Finally, ATB Capital lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $12.71.

About Patterson-UTI Energy

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.