Pingora Partners LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) in the second quarter, HoldingsChannel.com reports. The fund acquired 134,747 shares of the oil and gas company’s stock, valued at approximately $1,237,000.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $577,234,000. Dimensional Fund Advisors LP lifted its position in Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the period. State Street Corp lifted its position in Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after purchasing an additional 75,560 shares during the period. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Patterson-UTI Energy by 110.8% in the 4th 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. Institutional investors and hedge funds own 97.91% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Susquehanna increased their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.
Insider Activity at Patterson-UTI Energy
In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the company’s 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 of the company’s stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders sold 420,670 shares of company stock valued at $4,880,957 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.
Patterson-UTI Energy Trading Up 2.0%
Shares of Patterson-UTI Energy stock opened at $11.75 on Thursday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.48 billion, a PE ratio of -51.09 and a beta of 0.63. The company has a 50-day moving average of $10.21 and a two-hundred day moving average of $10.42.
Patterson-UTI Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.
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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