Quantinno Capital Management LP lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 163.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 503,916 shares of the oil and gas company’s stock after acquiring an additional 312,680 shares during the period. Quantinno Capital Management LP owned 0.13% of Patterson-UTI Energy worth $5,457,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Tudor Investment Corp ET AL acquired a new position in shares of Patterson-UTI Energy during the third quarter worth approximately $2,206,000. SG Americas Securities LLC raised its stake in Patterson-UTI Energy by 141.3% during the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock valued at $1,123,000 after acquiring an additional 107,638 shares in the last quarter. Convergence Investment Partners LLC bought a new position in shares of Patterson-UTI Energy in the first quarter worth $1,325,000. Principal Financial Group Inc. increased its holdings in shares of Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after purchasing an additional 4,093,636 shares during the period. Finally, Prescott Group Capital Management L.L.C. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $1,161,000. 97.91% of the stock is currently owned by institutional investors.
Patterson-UTI Energy Price Performance
NASDAQ PTEN opened at $10.05 on Friday. 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 1 year low of $5.10 and a 1 year high of $13.08. The company has a market cap of $3.83 billion, a PE ratio of -43.70 and a beta of 0.63. The stock’s 50-day moving average price is $10.18 and its two-hundred day moving average price is $10.02.
Patterson-UTI Energy Announces Dividend
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on PTEN. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a report on Monday, April 20th. Barclays lifted their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Susquehanna upped their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday. One investment 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.95.
Read Our Latest Report on Patterson-UTI Energy
Insiders Place Their Bets
In other Patterson-UTI Energy news, 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. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. Corporate insiders own 2.20% of the company’s stock.
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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