Patterson-UTI Energy, Inc. $PTEN Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Patterson-UTI Energy stake by 28% in the first quarter, selling 1.6 million shares and retaining about 4.13 million shares valued at $44.7 million. Institutional investors collectively own 97.91% of PTEN.
• Company insiders sold 1.01 million shares worth approximately $11.9 million over the past 90 days, including sales by the COO and CEO.
• PTEN was trading at $9.41, down 7.7%, while analysts maintained a mixed outlook: nine Buy ratings, four Holds and two Sells, with an average price target of $12.15.

Renaissance Technologies LLC cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 28.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,128,099 shares of the oil and gas company's stock after selling 1,601,600 shares during the period. Renaissance Technologies LLC owned about 1.09% of Patterson-UTI Energy worth $44,707,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada boosted its holdings in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock valued at $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after purchasing an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock worth $7,106,000 after buying an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the sale, the chief executive officer directly owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last 90 days. 2.20% of the stock is owned by corporate insiders.

Patterson-UTI Energy Trading Down 7.7%

NASDAQ PTEN opened at $9.41 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The company has a 50-day simple moving average of $10.54 and a 200-day simple moving average of $9.86. The firm has a market capitalization of $3.57 billion, a PE ratio of -30.35 and a beta of 0.62.

Analysts Set New Price Targets

PTEN has been the subject of a number of research analyst reports. Capital One Financial upgraded 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 research note on Monday, April 20th. Piper Sandler upgraded shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research note on Tuesday, July 14th. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. Zacks Research downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Stifel Nicolaus upped their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $12.15.

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.

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