Empowered Funds LLC Sells 197,878 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Empowered Funds LLC cut its Patterson-UTI Energy stake by 11.5%, selling 197,878 shares and retaining 1.52 million shares valued at approximately $16.5 million. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment has improved, with several firms upgrading PTEN to “overweight” or “buy” and raising price targets to as high as $15. However, the consensus rating remains “Hold,” with an average target price of $12.15.
• Insiders have been selling shares: the CEO sold 200,000 shares and a director sold 10,000 shares, while insiders have sold more than 1 million shares worth $11.9 million over the past 90 days.

Empowered Funds LLC lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,521,110 shares of the oil and gas company's stock after selling 197,878 shares during the period. Empowered Funds LLC owned 0.40% of Patterson-UTI Energy worth $16,474,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Quarry LP increased its position in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 3,862 shares during the last quarter. First Horizon Corp boosted its position in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after buying an additional 2,049 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of 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 last quarter. Torren Management LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC increased its position in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 7,171 shares during the period. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. Barclays raised shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. 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 report on Tuesday, June 16th. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Piper Sandler upgraded Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price target on the stock in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada increased 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. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Hold" and a consensus target price of $12.15.

Insider Activity

In other news, Director Cesar Jaime sold 10,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares of the company's stock, valued at approximately $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Company insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN opened at $9.17 on Wednesday. The firm has a market cap of $3.48 billion, a P/E ratio of -29.58 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company has a 50 day simple moving average of $10.47 and a two-hundred day simple moving average of $9.88. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08.

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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