Freestone Grove Partners LP Takes Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Freestone Grove Partners acquired 1.61 million shares of Patterson-UTI Energy valued at approximately $14.8 million, giving it a 0.42% stake. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $12.95; targets from Goldman Sachs and Susquehanna rose to $13.
• PTEN shares opened at $12.26, near their 12-month high of $13.08, while the company declared a quarterly dividend of $0.10 per share, equivalent to a 3.3% annualized yield.

Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 1,607,903 shares of the oil and gas company's stock, valued at approximately $14,761,000. Freestone Grove Partners LP owned 0.42% of Patterson-UTI Energy as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Quarry LP grew its holdings in shares of 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 worth $26,000 after buying an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the 2nd quarter valued at approximately $32,000. Rockefeller Capital Management L.P. boosted its position in 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. Torren Management LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its stake 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 worth $51,000 after acquiring an additional 7,171 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 stock in a transaction on Monday, June 8th. The shares were 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 in the company, valued at $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 available through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the 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 sale, the chief executive officer owned 2,542,474 shares of the company's stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PTEN shares. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research report on Monday, June 29th. The Goldman Sachs Group lifted their price target 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. Finally, Susquehanna boosted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd. One investment 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 MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Stock Up 4.3%

NASDAQ:PTEN opened at $12.26 on Friday. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -53.30 and a beta of 0.63. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock's 50 day moving average price is $10.25 and its two-hundred day moving average price is $10.45. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is -173.91%.

Patterson-UTI Energy Profile

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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