Engineers Gate Manager LP Purchases 419,919 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Engineers Gate Manager LP increased its Patterson-UTI Energy position by 1,002.2%, purchasing 419,919 additional shares to hold 461,819 shares worth approximately $4.24 million.
• Analysts maintain a generally positive outlook, with nine Buy ratings, five Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $13.25.
• Insiders sold 777,000 shares worth $9.72 million over the past 90 days, while Patterson-UTI also announced a quarterly dividend of $0.10 per share, representing a 3.1% annualized yield.

Engineers Gate Manager LP raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 1,002.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 461,819 shares of the oil and gas company's stock after purchasing an additional 419,919 shares during the quarter. Engineers Gate Manager LP owned 0.12% of Patterson-UTI Energy worth $4,239,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Quarry LP grew its position in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after buying an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy in the second quarter worth approximately $32,000. Rockefeller Capital Management L.P. boosted its stake in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after acquiring an additional 4,299 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of 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 acquiring an additional 7,171 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Patterson-UTI Energy by 21.6% in 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. Institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

PTEN has been the topic of several analyst reports. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Zacks Research cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Citigroup increased their price target on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a "neutral" rating in a research note on Friday, September 4th. Finally, Susquehanna increased their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.25.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares of the company's stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 777,000 shares of company stock valued at $9,721,280. Corporate insiders own 2.20% of the company's stock.

Key Headlines Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks raised its FY2027 EPS forecast to $0.08 from $0.04 and its FY2028 forecast to $0.41 from $0.38. The firm also lifted estimates for Q2 2027, Q3 2027, Q1 2028 and Q2 2028, suggesting expectations for improving profitability over the next several years. MarketBeat Patterson-UTI Energy estimates
• Positive Sentiment: Zacks increased its Q4 2026 estimate from a loss of $0.01 per share to breakeven, while projecting $0.04 EPS in Q2 2027 and $0.03 EPS in Q3 2027. These revisions improve the expected earnings trajectory, although the current full-year consensus remains a loss of $0.02 per share. MarketBeat Patterson-UTI Energy estimates
• Neutral Sentiment: Patterson-UTI averaged 101 revenue-earning U.S. drilling rigs in August and 100 rigs during the two months ended August 31. The activity level indicates continued utilization, but the update provided no day rates, contract durations, fleet-class utilization or margins, leaving the financial impact uncertain. Patterson-UTI averaged 101 August rigs
• Neutral Sentiment: Reported September short-interest data showed zero shares and a zero-day short-interest ratio, unchanged from the prior period. Because the figures appear incomplete or erroneous, they provide no meaningful signal about potential short-covering or selling pressure.

Patterson-UTI Energy Stock Down 0.4%

NASDAQ PTEN opened at $12.85 on Friday. The stock has a 50 day moving average price of $10.97 and a 200-day moving average price of $10.77. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a market capitalization of $4.90 billion, a P/E ratio of -55.87 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed 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 dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -173.91%.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc NASDAQ: PTEN is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company's offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.

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