Corient Private Wealth LP purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 338,651 shares of the oil and gas company's stock, valued at approximately $3,109,000. Corient Private Wealth LP owned approximately 0.09% of Patterson-UTI Energy at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PTEN. Convergence Investment Partners LLC purchased a new position in shares of Patterson-UTI Energy during the first quarter worth about $1,325,000. Principal Financial Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock valued at $52,030,000 after purchasing an additional 4,093,636 shares during the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at about $1,161,000. Gagnon Securities LLC boosted its position in shares of Patterson-UTI Energy by 69.0% in the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company's stock valued at $2,155,000 after purchasing an additional 144,080 shares during the period. Finally, Quantinno Capital Management LP boosted its position in shares of Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company's stock valued at $5,457,000 after purchasing an additional 312,680 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. upgraded 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. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, Royal Bank Of Canada increased 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. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.95.
Read Our Latest Stock Analysis on Patterson-UTI Energy
Insider Buying and Selling
In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the transaction, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares of the company's stock, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 420,670 shares of company stock valued at $4,880,957 over the last three months. 2.20% of the stock is currently owned by company insiders.
Patterson-UTI Energy Stock Up 1.2%
Patterson-UTI Energy stock opened at $12.79 on Wednesday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock has a 50 day moving average of $10.40 and a two-hundred day moving average of $10.53. 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 has a market capitalization of $4.88 billion, a price-to-earnings ratio of -55.61 and a beta of 0.66.
Patterson-UTI Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.1%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -173.91%.
About Patterson-UTI Energy
(
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.
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