Jupiter Topco LLC Purchases New Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Jupiter Topco acquired 157,921 shares of Patterson-UTI Energy in the second quarter, valued at approximately $1.45 million. Institutional investors and hedge funds collectively own 97.91% of PTEN’s outstanding stock.
• Analyst sentiment remains generally favorable, with a consensus “Moderate Buy” rating and an average price target of about $13.25. Recent targets include Stifel’s increase to $15 and Susquehanna’s increase to $13, although some firms maintain Hold or Sell ratings.
• PTEN shares recently traded at $12.42, near their one-year high of $13.31, while the company maintains a quarterly dividend of $0.10 per share, or a 3.2% annualized yield. Several insiders also sold substantial stakes, including the CEO, EVP and a director, potentially tempering investor sentiment.

Jupiter Topco LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 157,921 shares of the oil and gas company's stock, valued at approximately $1,450,000.

Other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 6.2% during the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock valued at $231,000 after acquiring an additional 1,255 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Patterson-UTI Energy by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock valued at $85,000 after buying an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd raised its position in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock worth $53,000 after acquiring an additional 1,547 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock worth $258,000 after acquiring an additional 1,786 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock valued at $2,197,000 after acquiring an additional 1,915 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PTEN. Stifel Nicolaus boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Piper Sandler reaffirmed an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research lowered Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 27th. Finally, Susquehanna lifted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a report on Monday, August 3rd. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.25.

Key Patterson-UTI Energy News

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

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the transaction, the director owned 928,773 shares of the company's stock, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president directly owned 404,582 shares of the company's stock, valued at $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 790,670 shares of company stock worth $9,885,457 in the last quarter. Insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.42 on Friday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.31. The company has a market cap of $4.74 billion, a PE ratio of -54.00 and a beta of 0.66. The stock has a 50-day moving average of $10.59 and a 200-day moving average of $10.61. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.10 dividend. 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 (DPR) is currently -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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