Miller Howard Investments Inc. NY Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Miller Howard Investments initiated a position in Patterson-UTI Energy, purchasing 255,108 shares worth approximately $2.8 million, or about 0.07% of the company.
• Institutional investors own 97.91% of PTEN, while analysts maintain a “Moderate Buy” consensus with an average price target of $13.14.
• Company insiders sold more than 1 million shares worth approximately $12.7 million over the past 90 days; PTEN also pays a quarterly dividend of $0.10 per share, representing a 3.3% yield.

Miller Howard Investments Inc. NY purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 255,108 shares of the oil and gas company's stock, valued at approximately $2,786,000. Miller Howard Investments Inc. NY owned approximately 0.07% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTEN. BlackRock Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $577,234,000. Dimensional Fund Advisors LP increased 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 valued at $229,732,000 after buying an additional 2,745,872 shares during the period. Principal Financial Group Inc. increased its position in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company's stock valued at $102,347,000 after buying an additional 934,766 shares during the period. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at about $53,729,934. Finally, Bank of America Corp DE lifted its holdings in shares of Patterson-UTI Energy by 10.9% in the first quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company's stock worth $52,581,000 after buying an additional 475,623 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PTEN shares. Citigroup cut their price objective on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a "neutral" rating for the company in a research report on Friday, October 2nd. UBS Group initiated coverage on shares of Patterson-UTI Energy in a research note on Friday, October 2nd. They set a "neutral" rating and a $13.00 price objective for the company. Weiss Ratings raised shares of Patterson-UTI Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price on the stock in a report on Friday, July 31st. Finally, Barclays increased their target price 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. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.14.

Insider Activity at Patterson-UTI Energy

In related news, Director James Stewart sold 207,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Drummond Jr. sold 198,395 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares in the company, valued at $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,027,000 shares of company stock valued at $12,698,780 in the last ninety days. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $12.25 on Tuesday. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of -53.26 and a beta of 0.77. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $11.85 and a 200 day simple moving average of $10.40. Patterson-UTI Energy, Inc. has a 52 week low of $5.24 and a 52 week high of $13.39.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. Patterson-UTI Energy's payout ratio is presently -173.91%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.

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