Canada Pension Plan Investment Board Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Canada Pension Plan Investment Board acquired 317,400 shares of Patterson-UTI Energy in the second quarter, worth approximately $2.9 million. Institutional investors and hedge funds collectively own 97.91% of the company.
• Analysts maintain a generally positive view of PTEN, with a consensus rating of “Moderate Buy” and an average price target of $12.95. Recent targets range from $12 to $16.
• Patterson-UTI Energy’s shares opened at $12.43, near the top of their 12-month range, while the company announced a quarterly dividend of $0.10 per share, representing a 3.2% annualized yield.

Canada Pension Plan Investment Board acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 317,400 shares of the oil and gas company's stock, valued at approximately $2,914,000. Canada Pension Plan Investment Board owned about 0.08% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth about $577,234,000. Sourcerock Group LLC raised its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Webs Creek Capital Management LP bought a new position in shares of Patterson-UTI Energy during the second quarter worth about $53,729,934. Goldman Sachs Group Inc. lifted its position in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. Finally, UBS Group AG grew its stake in Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after purchasing an additional 4,558,445 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on PTEN shares. Zacks Research cut Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price for the company in a research report on Friday, July 31st. Barclays boosted their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Stifel Nicolaus upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Finally, Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $12.43 on Monday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a market cap of $4.74 billion, a price-to-earnings 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 stock's 50 day simple moving average is $10.30 and its 200 day simple moving average is $10.47.

Patterson-UTI Energy Announces Dividend

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 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 (DPR) is presently -173.91%.

Insider Activity

In other news, Director James Carl Stewart sold 207,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction dated 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 $29,594,397.36. This represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is currently owned by company insiders.

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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