Stanley Laman Group Ltd. Grows Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stanley Laman Group Ltd. lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 316,822 shares of the oil and gas company’s stock after buying an additional 18,278 shares during the quarter. Stanley Laman Group Ltd. owned about 0.08% of Patterson-UTI Energy worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Hexagon Capital Partners LLC lifted its stake in shares of Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares in the last quarter. CWM LLC increased its stake in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Patterson-UTI Energy in the first quarter worth $56,000. Finally, Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $7.86 on Wednesday. The firm’s fifty day moving average price is $8.43 and its 200 day moving average price is $9.82. Patterson-UTI Energy, Inc. has a 1-year low of $7.45 and a 1-year high of $13.70. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 25.35 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.18 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PTEN. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Piper Sandler lowered their target price 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. Bank of America reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Susquehanna lowered their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.54.

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.