The Vanguard Group, Inc. recently announced the acquisition of new stake in Patterson-UTI Energy Inc (NASDAQ:PTEN). The institutional investor has increased its shareholding in the Energy company by 6.51% to 42.59 million shares with purchase of 2.6 million shares. This fresh investment now brings its stake to 10.21% valued currently at $459.96 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.35 million to 17.48 million shares. And Citadel Advisors LLC has lifted its position by 51.13% or 3.63 million shares – to 10.72 million shares.
Currently, there are 417.28M common shares owned by the public and among those 359.34M shares have been available to trade.
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Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 9,800,183 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 3,418,250 shares.
The top 3 mutual fund holders in Patterson-UTI Energy Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 21.5 million shares of the company’s stock, all valued at over $232.23 million. The company sold 75524.0 shares recently to bring their total holdings to about 5.15% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.83 million shares to see its total holdings expand to 13.18 million shares valued at over $142.38 million and representing 3.16% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.42 million shares to bring its total holdings to over 10.63 million shares at a value of $114.76 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.55% of the shares outstanding.
However, the script later moved the day high at 10.47, down -0.49%. The company’s stock has a 5-day price change of 1.99% and -25.15% over the past three months. PTEN shares are trading -5.19% year to date (YTD), with the 12-month market performance down to -36.00% lower. It has a 12-month low price of $9.70 and touched a high of $17.62 over the same period. PTEN has an average intraday trading volume of 6.52 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.86%, -8.18%, and -18.32% respectively.
Institutional ownership of Patterson-UTI Energy Inc (NASDAQ: PTEN) shares accounts for 83.07% of the company’s 417.28M shares outstanding. Mutual fund holders own 33.59%, while other institutional holders and individual stakeholders account for 50.37% and 3.26% respectively.
It has a market capitalization of $4.27B and a beta (3y monthly) value of 2.25. The stock’s trailing 12-month PE ratio is 7.75, while the earnings-per-share (ttm) stands at $1.32. The company has a PEG of 0.17 and a Quick Ratio of 1.19 with the debt-to-equity ratio at 0.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.93% over the week and 2.91% over the month.
Analysts forecast that Patterson-UTI Energy Inc (PTEN) will achieve an EPS of $0.18 for the current quarter, $0.23 for the next quarter and $1.19 for 2024. The lowest estimate earnings-per-share for the quarter is $0.14 while analysts give the company a high EPS estimate of $0.31. Comparatively, EPS for the current quarter was $0.46 a year ago. Earnings per share for the fiscal year are expected to increase by 53.21%, and 2.35% over the next financial year. EPS should shrink at an annualized rate of 44.60% over the next five years, compared to 88.00% over the past 5-year period.
