Quantinno Capital Management LP Has $5.46 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Quantinno Capital Management LP grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 163.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 503,916 shares of the oil and gas company’s stock after buying an additional 312,680 shares during the period. Quantinno Capital Management LP’s holdings in Patterson-UTI Energy were worth $5,457,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its holdings in Patterson-UTI Energy by 6.2% during the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 1,255 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd increased its stake in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,547 shares during the period. Sage Rhino Capital LLC boosted its position in shares of Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after acquiring an additional 1,575 shares during the period. Finally, Assetmark Inc. raised its stake in 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 purchasing an additional 1,786 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of 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 stock has a market capitalization of $3.83 billion, a P/E ratio of -43.70 and a beta of 0.63. The business has a 50-day moving average price of $10.18 and a two-hundred day moving average price of $10.02.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.0%. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus lifted 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 note on Tuesday, June 16th. Susquehanna lifted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research report on Monday. Morgan Stanley upped their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Tuesday, July 14th. One research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $12.95.

Insider Buying and Selling

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer 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 sold a total of 363,670 shares of company stock valued at $4,212,677 over the last three months. Company insiders own 2.20% of the company’s stock.

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.