Hara Capital LLC Purchases Shares of 128,654 Patterson-UTI Energy, Inc. $PTEN

Hara Capital LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 128,654 shares of the oil and gas company's stock, valued at approximately $1,181,000.

Several other institutional investors and hedge funds have also made changes to their positions in PTEN. BlackRock Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $577,234,000. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. UBS Group AG increased its stake in Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO James Michael Holcomb sold 150,000 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. 2.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PTEN has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price for the company in a report on Friday, July 31st. Barclays lifted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Susquehanna boosted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research report on Monday, August 3rd. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.95.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.18 on Friday. The company's 50 day simple moving average is $10.12 and its 200-day simple moving average is $10.31. The firm has a market cap of $4.65 billion, a PE ratio of -52.96 and a beta of 0.63. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

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 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 (DPR) is presently -173.91%.

Patterson-UTI Energy Company 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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