SCS Capital Management LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 62,024 shares of the oil and gas company’s stock, valued at approximately $569,000.
A number of other large investors have also added to or reduced their stakes in PTEN. Quarry LP raised its position in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the period. First Horizon Corp grew its position in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.
Patterson-UTI Energy Stock Performance
Shares of PTEN stock opened at $11.37 on Monday. The firm’s 50 day moving average is $10.08 and its 200 day moving average is $10.18. The stock has a market capitalization of $4.34 billion, a P/E ratio of -49.43 and a beta of 0.63. 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.
Patterson-UTI Energy Dividend Announcement
Analyst Ratings Changes
PTEN has been the topic of several research analyst reports. The Goldman Sachs Group upped their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Barclays raised their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, 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 research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.
Read Our Latest Stock Report on PTEN
Insiders Place Their Bets
In other news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm’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 completion of the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 363,670 shares of company stock worth $4,212,677 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.
Key Stories Impacting Patterson-UTI Energy
Here are the key news stories impacting Patterson-UTI Energy this week:
- Positive Sentiment: Higher oil prices are improving expectations for drilling activity and energy-services demand. Patterson-UTI was highlighted as one of two energy stocks that could benefit from crude prices above $80. Oil Above $80: 2 Energy Stocks You Don’t Want to Miss
- Positive Sentiment: Zacks Research maintains a “Strong Buy” view and raised several longer-term earnings forecasts. FY2026 EPS was improved to a loss of $0.05 from a loss of $0.10, FY2027 EPS to $0.04 from $0.02, and FY2028 EPS to $0.38 from $0.27. Estimates for Q1 2027 and Q3 2027 also improved modestly.
- Positive Sentiment: Analysts identified PTEN as one of the drilling stocks bucking a generally bearish industry trend, suggesting relative strength within the oil-and-gas drilling group. 3 Oil & Gas Drilling Stocks Bucking a Bearish Industry Trend
- Neutral Sentiment: The broader analyst view is a “Moderate Buy,” indicating constructive sentiment but not unanimous conviction. Patterson-UTI Energy Given Consensus Recommendation of Moderate Buy
- Negative Sentiment: Not all revisions were favorable: Q4 2027 EPS was lowered to $0.04 from $0.05, while the current full-year consensus still calls for a $0.04-per-share loss. This highlights continuing near-term profitability risk.
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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