911,529 Shares in Patterson-UTI Energy, Inc. $PTEN Purchased by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 911,529 shares of Patterson-UTI Energy in the second quarter, valued at approximately $8.4 million and representing a 0.24% stake. Institutional investors collectively own 97.91% of the company.
• Patterson-UTI Energy shares opened at $12.79, near their 12-month high of $13.08. The company announced a quarterly dividend of $0.10 per share, equating to a 3.1% annualized yield.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and an average price target of $12.95; however, company insiders sold 420,670 shares worth approximately $4.9 million over the past 90 days.

Legal & General Group Plc acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 911,529 shares of the oil and gas company's stock, valued at approximately $8,368,000. Legal & General Group Plc owned 0.24% of Patterson-UTI Energy at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quarry LP raised its holdings in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after buying an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy in the 2nd quarter valued at $32,000. Rockefeller Capital Management L.P. increased its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 4,299 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after purchasing an additional 7,171 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its stake in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 1,547 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 1.2%

Patterson-UTI Energy stock opened at $12.79 on Wednesday. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.88 billion, a P/E ratio of -55.61 and a beta of 0.66. The business has a fifty day moving average of $10.40 and a two-hundred day moving average of $10.53. 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 announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's payout ratio is -173.91%.

Insiders Place Their Bets

In other news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred 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 transaction, the chief accounting officer owned 56,842 shares of the company's stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the transaction, the chief executive officer owned 2,542,474 shares of the company's stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 420,670 shares of company stock worth $4,880,957. 2.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PTEN shares. Royal Bank Of Canada raised their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Barclays raised their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $12.95.

Patterson-UTI Energy Company 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.

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