The Manufacturers Life Insurance Company Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• The Manufacturers Life Insurance Company acquired 291,433 shares of Patterson-UTI Energy in the second quarter, worth approximately $2.675 million and representing about 0.08% of the company. Institutional investors and hedge funds collectively own 97.91% of PTEN.
• PTEN shares rose 2.8% to $13.15, near the company’s 52-week high of $13.31. Analysts have a consensus “Moderate Buy” rating and an average price target of $12.95, while several firms recently raised their targets.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 3.0% yield. However, insiders sold 420,670 shares worth roughly $4.88 million during the latest quarter.

The Manufacturers Life Insurance Company bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 291,433 shares of the oil and gas company's stock, valued at approximately $2,675,000. The Manufacturers Life Insurance Company owned approximately 0.08% of Patterson-UTI Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Lazard Asset Management LLC boosted its position in shares of Patterson-UTI Energy by 6.2% during the 1st 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 last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock worth $85,000 after buying an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd increased its holdings in shares of Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock worth $53,000 after buying an additional 1,547 shares during the last quarter. Assetmark Inc. raised its position in shares of Patterson-UTI Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock valued at $258,000 after buying an additional 1,786 shares during the period. Finally, DGS Capital Management LLC raised its position in shares of Patterson-UTI Energy by 15.2% during the 1st quarter. DGS Capital Management LLC now owns 17,744 shares of the oil and gas company's stock valued at $192,000 after buying an additional 2,338 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Trading Up 2.8%

PTEN opened at $13.15 on Thursday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.31. 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 business has a fifty day simple moving average of $10.48 and a 200-day simple moving average of $10.57. The firm has a market cap of $5.02 billion, a P/E ratio of -57.17 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. Patterson-UTI Energy's dividend payout ratio is -173.91%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PTEN. The Goldman Sachs Group increased their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Citigroup reduced their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research report on Monday, June 29th. Susquehanna upped their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research note on Monday, August 3rd. Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. Finally, Barclays boosted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.95.

Patterson-UTI Energy Company 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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