Webs Creek Capital Management LP Takes $53.73 Billion Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Webs Creek Capital Management bought 5.85 million Patterson-UTI Energy shares worth approximately $53.7 million, giving it a 1.53% stake and making PTEN its largest portfolio holding.
• Institutional ownership stands at 97.91%, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $12.95.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, or $0.40 annually, representing a 3.4% yield; company insiders have sold roughly $4.2 million of stock over the past three months.

Webs Creek Capital Management LP bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 5,852,934 shares of the oil and gas company's stock, valued at approximately $53,729,934,000. Patterson-UTI Energy makes up about 10.2% of Webs Creek Capital Management LP's investment portfolio, making the stock its largest position. Webs Creek Capital Management LP owned about 1.53% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PTEN. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at $577,234,000. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% during 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 buying an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. lifted its position 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 worth $64,517,000 after buying an additional 5,551,276 shares during the period. UBS Group AG boosted its stake in Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after buying an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after buying an additional 4,442,700 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PTEN. Stifel Nicolaus upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Susquehanna upped their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a report on Monday, August 3rd. Finally, JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.95.

Patterson-UTI Energy Price Performance

PTEN opened at $11.86 on Tuesday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a 50 day moving average of $10.16 and a two-hundred day moving average of $10.37. The company has a market cap of $4.52 billion, a P/E ratio of -51.57 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

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

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the company'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 completion of the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James Michael Holcomb sold 150,000 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were 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 of the company's stock, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 363,670 shares of company stock worth $4,212,677. 2.20% of the stock is currently owned by company insiders.

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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