Penn Capital Management Company LLC Purchases Shares of 1,990,225 Patterson-UTI Energy, Inc. $PTEN

Key Points

• Penn Capital Management acquired 1,990,225 Patterson-UTI Energy shares valued at approximately $18.3 million, while institutional investors collectively owned 97.91% of the company.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 3.2% yield. The stock recently opened at $12.43, near its 52-week high of $13.08.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $12.95, while company insiders sold 420,670 shares worth about $4.9 million during the latest quarter.

Penn Capital Management Company LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,990,225 shares of the oil and gas company's stock, valued at approximately $18,307,000. Penn Capital Management Company LLC owned about 0.52% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PTEN. BlackRock Inc. bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at approximately $577,234,000. Sourcerock Group LLC increased its position in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Webs Creek Capital Management LP bought a new stake in Patterson-UTI Energy in the second quarter worth $53,729,934. Bank of America Corp DE bought a new stake in Patterson-UTI Energy in the second quarter worth $52,132,000. Finally, Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $12.43 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm has a market capitalization of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The company's 50-day moving average is $10.30 and its 200 day moving average is $10.46.

Patterson-UTI Energy Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on PTEN shares. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Barclays upped their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target for the company in a report on Friday, July 31st. Citigroup dropped their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research report on Monday, June 29th. Finally, Stifel Nicolaus upped their price objective 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 investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.95.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction 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 sale, 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. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 420,670 shares of company stock valued at $4,880,957 in the last quarter. 2.20% of the stock is owned by 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.

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