62,879,513 Shares in Patterson-UTI Energy, Inc. $PTEN Purchased by BlackRock Inc.

BlackRock Inc. acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 62,879,513 shares of the oil and gas company's stock, valued at approximately $577,234,000. BlackRock Inc. owned 16.49% of Patterson-UTI Energy at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PTEN. Royal Bank of Canada increased its position in shares of Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after acquiring an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after acquiring an additional 10,142 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after acquiring an additional 220,422 shares during the period. United Services Automobile Association purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PTEN. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective for the company in a research note on Friday, July 31st. Piper Sandler reissued an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday. Susquehanna raised their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.34 on Monday. The company has a market capitalization of $4.71 billion, a PE ratio of -53.65 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company's 50 day moving average price is $10.13 and its 200 day moving average price is $10.34. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08.

Patterson-UTI Energy Announces Dividend

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

Insider Activity

In related news, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction on 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 directly owned 56,842 shares of the company's stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 363,670 shares of company stock worth $4,212,677 in the last ninety days. Corporate insiders own 2.20% of the company's stock.

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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