Patterson-UTI Energy, Inc. $PTEN Shares Acquired by AXQ Capital LP

Key Points

• AXQ Capital LP increased its Patterson-UTI Energy stake by 523.3% in the second quarter, holding 193,949 shares valued at approximately $1.78 million. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is generally favorable, with a consensus “Moderate Buy” rating and an average price target around $13.25–$13.50. Citigroup raised its target to $13.50 while retaining a neutral rating.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, representing a 3.2% annualized yield, while insiders sold roughly 790,670 shares worth $9.9 million over the past 90 days—potentially weighing on investor sentiment.

AXQ Capital LP grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 523.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 193,949 shares of the oil and gas company's stock after acquiring an additional 162,832 shares during the quarter. AXQ Capital LP owned about 0.05% of Patterson-UTI Energy worth $1,780,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Lazard Asset Management LLC increased its stake in 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 period. O Shaughnessy Asset Management LLC lifted its stake in 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 acquiring an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd grew its holdings in 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 purchasing an additional 1,547 shares during the period. Assetmark Inc. raised its stake in Patterson-UTI Energy by 8.1% in the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock worth $258,000 after purchasing an additional 1,786 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of 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 worth $2,197,000 after purchasing an additional 1,915 shares during the period. Institutional investors own 97.91% of the company's stock.

Key Headlines Impacting Patterson-UTI Energy

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

Patterson-UTI Energy Trading Down 1.0%

NASDAQ PTEN opened at $12.42 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.31. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of -54.00 and a beta of 0.66. 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 stock's 50-day simple moving average is $10.59 and its two-hundred day simple moving average is $10.61.

Patterson-UTI Energy Announces Dividend

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 issued 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 (DPR) is presently -173.91%.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.93, for a total transaction of $3,232,500.00. Following the completion of the transaction, the chief executive officer owned 2,292,474 shares of the company's stock, valued at $29,641,688.82. This trade represents a 9.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Seth Wexler sold 120,000 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president directly owned 404,582 shares in the company, valued at $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 790,670 shares of company stock worth $9,885,457. Company insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

PTEN has been the subject of several analyst reports. Citigroup boosted their target price on shares of Patterson-UTI Energy from $10.50 to $13.50 and gave the company a "neutral" rating in a research report on Friday. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. The Goldman Sachs Group boosted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.25.

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.

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