Kahn Brothers Group Inc. Takes Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Kahn Brothers Group purchased 1.66 million shares of Patterson-UTI Energy in the second quarter, worth approximately $15.3 million and representing 0.44% of the company. Institutional investors collectively own 97.91% of PTEN.
• Analysts have generally turned more optimistic, with several firms raising price targets; PTEN has a consensus “Moderate Buy” rating and an average target of $12.95.
• PTEN shares opened at $12.26, up 4.3%, and remain near their 52-week high of $13.08. The company also declared a quarterly dividend of $0.10 per share, implying a 3.3% annualized yield, while insiders sold roughly $4.9 million of stock during the last quarter.

Kahn Brothers Group Inc. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,663,758 shares of the oil and gas company's stock, valued at approximately $15,273,000. Patterson-UTI Energy comprises about 0.0% of Kahn Brothers Group Inc.'s portfolio, making the stock its 25th largest position. Kahn Brothers Group Inc. owned 0.44% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $577,234,000. Dimensional Fund Advisors LP boosted its position in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. State Street Corp grew its holdings in Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock worth $93,270,000 after buying an additional 75,560 shares in the last quarter. Sourcerock Group LLC grew its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Patterson-UTI Energy by 110.8% in the 4th 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 acquiring an additional 5,551,276 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred 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 transaction, the chief accounting officer owned 56,842 shares of the company's stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was 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 $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 420,670 shares of company stock valued at $4,880,957 in the last quarter. Insiders own 2.20% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on PTEN shares. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Susquehanna raised their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a report on Monday, August 3rd. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Barclays increased their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.95.

Patterson-UTI Energy Trading Up 4.3%

Shares of Patterson-UTI Energy stock opened at $12.26 on Friday. The business has a fifty day simple moving average of $10.25 and a 200-day simple moving average of $10.45. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -53.30 and a beta of 0.63. 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 Announces Dividend

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

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source