Advisors Preferred LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 167,549 shares of the oil and gas company's stock, valued at approximately $1,451,000.
Several other institutional investors have also made changes to their positions in the business. Lazard Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock valued at $231,000 after purchasing an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock worth $85,000 after purchasing an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC lifted its holdings in Patterson-UTI Energy by 6.6% during the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company's stock valued at $155,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in Patterson-UTI Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock valued at $258,000 after purchasing an additional 1,786 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred 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 owned 56,842 shares of the company's stock, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares of the company's stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 363,670 shares of company stock worth $4,212,677 over the last three months. Corporate insiders own 2.20% of the company's stock.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. upgraded 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 report on Friday, July 31st. Susquehanna upped their target price on shares of 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 shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and an average price target of $12.95.
Get Our Latest Research Report on Patterson-UTI Energy
Patterson-UTI Energy Stock Performance
PTEN stock opened at $12.18 on Friday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. 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 firm has a market cap of $4.65 billion, a PE ratio of -52.96 and a beta of 0.63. The business's 50-day moving average price is $10.12 and its two-hundred day moving average price is $10.31.
Patterson-UTI Energy Dividend Announcement
The company 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's payout ratio is -173.91%.
Patterson-UTI Energy Company Profile
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Free Report)
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.
See Also
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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