52,200 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Purchased by Bayesian Capital Management LP

Bayesian Capital Management LP acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 52,200 shares of the oil and gas company’s stock, valued at approximately $623,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Patterson-UTI Energy by 6.5% in the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock valued at $91,860,000 after acquiring an additional 519,259 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Patterson-UTI Energy by 10.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock worth $87,208,000 after acquiring an additional 703,536 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Patterson-UTI Energy by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after purchasing an additional 177,428 shares during the last quarter. Finally, Norges Bank purchased a new position in Patterson-UTI Energy in the fourth quarter valued at about $44,911,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded up $0.48 during trading on Tuesday, reaching $10.65. 8,634,377 shares of the company’s stock traded hands, compared to its average volume of 6,933,900. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.51 and a fifty-two week high of $16.17. The company has a 50-day simple moving average of $10.33 and a 200-day simple moving average of $10.94. The firm has a market cap of $4.28 billion, a PE ratio of 15.66 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 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. During the same period last year, the company earned $0.46 earnings per share. As a group, analysts predict that Patterson-UTI Energy, Inc. will post 0.48 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is presently 47.06%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday. Bank of America reduced their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, Susquehanna cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.77.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

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.