Quantbot Technologies LP Acquires Shares of 191,884 Patterson-UTI Energy, Inc. $PTEN

Key Points

• Quantbot Technologies LP initiated a position in Patterson-UTI Energy by purchasing 191,884 shares valued at approximately $1.76 million. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is generally positive, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $12.95; recent actions included target increases from Royal Bank of Canada and JPMorgan.
• Insiders have been net sellers, with executives selling 363,670 shares worth about $4.21 million over the past 90 days. Patterson-UTI also declared a quarterly dividend of $0.10 per share, equating to a 3.4% yield.

Quantbot Technologies LP bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 191,884 shares of the oil and gas company's stock, valued at approximately $1,761,000. Quantbot Technologies LP owned approximately 0.05% 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 have also recently modified their holdings of the stock. Landscape Capital Management L.L.C. purchased a new position in Patterson-UTI Energy during the second quarter valued at $176,000. EP Wealth Advisors LLC bought a new stake in Patterson-UTI Energy in the 2nd quarter valued at $328,000. Ieq Capital LLC purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth $2,140,000. Callan Family Office LLC purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth $376,000. Finally, Allworth Financial LP bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $68,000. Institutional investors own 97.91% of the company's stock.

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares of the company's stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares of the company's stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTEN. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target for the company in a research note on Friday, July 31st. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a report on Monday, June 29th. Piper Sandler reaffirmed an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $11.86 on Tuesday. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -51.57 and a beta of 0.63. The firm's 50-day moving average is $10.16 and its 200 day moving average is $10.37.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's payout ratio is -173.91%.

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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