Empowered Funds LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,544,655 shares of the oil and gas company's stock, valued at approximately $14,180,000. Empowered Funds LLC owned about 0.41% of Patterson-UTI Energy at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Royal Bank of Canada increased its stake in Patterson-UTI Energy by 23.7% during the 1st 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Patterson-UTI Energy by 4.6% in the 1st 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Patterson-UTI Energy by 4.9% during the 1st 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 bought a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Patterson-UTI Energy by 3.6% during 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 worth $7,106,000 after purchasing an additional 30,217 shares in the last quarter. Institutional investors own 97.91% of the company's stock.
Insiders Place Their Bets
In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the firm's 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 420,670 shares of company stock worth $4,880,957. Corporate insiders own 2.20% of the company's stock.
Analysts Set New Price Targets
PTEN has been the topic of several recent analyst reports. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Piper Sandler restated an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Royal Bank Of Canada raised their target price 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 equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and an average price target of $12.95.
Check Out Our Latest Stock Analysis on PTEN
Patterson-UTI Energy Price Performance
Shares of PTEN opened at $12.43 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 debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of -54.04 and a beta of 0.63. The business has a 50-day moving average of $10.30 and a 200-day moving average of $10.46.
Patterson-UTI Energy Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is presently -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.
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