Louisiana State Employees Retirement System Acquires New Shares in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Louisiana State Employees Retirement System opened a new position in Patterson-UTI Energy during the first quarter, buying 153,200 shares valued at about $1.66 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 97.91% of the company’s stock. Several other funds also recently increased their stakes in PTEN.
• Analyst sentiment is mixed: some firms upgraded or raised targets, but the overall consensus remains Hold with a $12.35 price target, while PTEN also reported a quarterly EPS beat despite lower year-over-year revenue.

Louisiana State Employees Retirement System bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 153,200 shares of the oil and gas company's stock, valued at approximately $1,659,000.

Several other institutional investors have also recently made changes to their positions in PTEN. Quarry LP grew its holdings in Patterson-UTI Energy by 360.3% during the 3rd 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 in the last quarter. First Horizon Corp lifted its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after buying an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $37,000. Finally, Torren Management LLC bought a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PTEN. Capital One Financial raised shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target for the company in a report on Monday, April 20th. Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research report on Monday. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $12.35.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $8.57 on Thursday. The firm's fifty day moving average price is $11.30 and its 200-day moving average price is $9.41. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The stock has a market cap of $3.25 billion, a P/E ratio of -27.64 and a beta of 0.62. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm's revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is presently -129.03%.

Insider Transactions at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the company's stock in a transaction that occurred on Monday, June 8th. The stock was 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 directly owned 56,842 shares of the company's stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,007,844 shares of company stock worth $11,922,302. Company insiders own 2.20% of the company's stock.

More Patterson-UTI Energy News

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

• Positive Sentiment: Zacks Research lifted its earnings estimates for Patterson-UTI Energy across several periods, including Q2, Q3 and Q4 2026, plus FY2026 and FY2027, suggesting slightly better operating expectations ahead.
• Positive Sentiment: A Seeking Alpha piece argued investors may want to keep holding PTEN as geopolitical risk around the Strait of Hormuz reopens, implying potential support from oil-market volatility. Article Title
• Neutral Sentiment: Citi reportedly kept a Neutral/Hold rating on Patterson-UTI Energy, indicating the bank does not see a strong near-term catalyst either way. Article Title
• Neutral Sentiment: Another report said Citi stuck with its Hold rating on PTEN, reinforcing a wait-and-see view from analysts. Article Title
• Negative Sentiment: Citi’s lower price target is the clearest bearish catalyst in the news flow and likely helping explain why PTEN is moving down today.
• Negative Sentiment: An article asking whether PTEN is a good stock to buy now reflects ongoing valuation and earnings concerns rather than a strong bullish thesis. Article Title

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.

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.