169,377 Shares in Patterson-UTI Energy, Inc. $PTEN Purchased by Clear Harbor Asset Management LLC

Key Points

• Clear Harbor Asset Management purchased 169,377 shares of Patterson-UTI Energy in the second quarter, valued at approximately $1.56 million. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $12.95; Barclays recently raised its target to $16.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, equivalent to an annualized $0.40 dividend and a 3.2% yield. Meanwhile, company insiders sold 363,670 shares worth about $4.21 million over the past three months.

Clear Harbor Asset Management LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 169,377 shares of the oil and gas company's stock, valued at approximately $1,555,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after buying an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy during the 2nd quarter valued at $32,000. Rockefeller Capital Management L.P. boosted its stake in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 4,299 shares during the last quarter. Torren Management LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 7,171 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Piper Sandler reissued an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Finally, Barclays increased their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus price target of $12.95.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares of the company's stock, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 363,670 shares of company stock valued at $4,212,677 over the last three months. Company insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Up 1.3%

Shares of Patterson-UTI Energy stock opened at $12.34 on Friday. 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's 50 day simple moving average is $10.13 and its 200-day simple moving average is $10.32. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -53.65 and a beta of 0.63. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08.

Patterson-UTI Energy Dividend Announcement

The business 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. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is presently -173.91%.

Patterson-UTI Energy Profile

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.

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report).

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