1,065,067 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Man Group plc

Key Points

• Man Group plc bought 1.07 million shares of Patterson-UTI Energy in the second quarter, worth approximately $9.8 million and representing about 0.28% of the company. Institutional investors collectively own 97.91% of PTEN.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $12.95; targets range from $12.00 to $16.00.
• PTEN shares opened at $12.43, near their 12-month high of $13.08, while the company declared a quarterly dividend of $0.10 per share, equal to a 3.2% annualized yield.

Man Group plc purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,065,067 shares of the oil and gas company's stock, valued at approximately $9,777,000. Man Group plc owned about 0.28% of Patterson-UTI Energy as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PTEN. BlackRock Inc. purchased a new position in shares of Patterson-UTI Energy in the second quarter worth about $577,234,000. Dimensional Fund Advisors LP boosted its holdings in Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after acquiring an additional 2,745,872 shares during the period. State Street Corp boosted its holdings in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after acquiring an additional 75,560 shares during the period. Sourcerock Group LLC grew its position in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 420,670 shares of company stock worth $4,880,957. 2.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Barclays boosted their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Susquehanna increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.95.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $12.43 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The firm has a market capitalization of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $10.30 and a two-hundred day simple moving average of $10.46.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy's payout ratio is presently -173.91%.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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