NYL Investors LLC Buys New Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• NYL Investors initiated a position in Patterson-UTI Energy during the second quarter, purchasing 110,785 shares. Institutional investors and hedge funds collectively own 97.91% of the company, with several other funds also increasing their stakes.
• Wall Street sentiment is broadly positive: analysts give PTEN a consensus “Moderate Buy” rating and an average price target of $12.95, while recent targets range as high as $16.
• PTEN shares opened at $12.34, near their 52-week high, and the company declared a quarterly dividend of $0.10 per share, implying a 3.2% annualized yield. Insiders sold 363,670 shares over the last quarter, including 200,000 shares sold by the CEO.

NYL Investors LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 110,785 shares of the oil and gas company's stock, valued at approximately $1,017,007,000. Patterson-UTI Energy accounts for 0.4% of NYL Investors LLC's portfolio, making the stock its 25th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. Convergence Investment Partners LLC acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at $1,325,000. Principal Financial Group Inc. lifted its stake in shares of Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock worth $52,030,000 after purchasing an additional 4,093,636 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth about $1,161,000. Gagnon Securities LLC grew its stake in shares of Patterson-UTI Energy by 69.0% in the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company's stock valued at $2,155,000 after buying an additional 144,080 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Patterson-UTI Energy by 163.5% in the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company's stock valued at $5,457,000 after buying an additional 312,680 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research note on Monday, June 29th. Barclays boosted 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 report on Wednesday, August 5th. Piper Sandler restated an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday. Finally, Stifel Nicolaus raised their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.95.

Patterson-UTI Energy Trading Up 1.3%

Shares of PTEN opened at $12.34 on Friday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The stock has a 50-day moving average price of $10.13 and a 200 day moving average price of $10.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a market capitalization of $4.71 billion, a P/E ratio of -53.65 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is -173.91%.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares of the company's stock, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is currently owned by corporate insiders.

About Patterson-UTI Energy

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).

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