GSA Capital Partners LLP Acquires New Shares in Patterson-UTI Energy, Inc. $PTEN

GSA Capital Partners LLP bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 44,240 shares of the oil and gas company’s stock, valued at approximately $406,000.

Several other institutional investors have also recently made changes to their positions in the stock. Sourcerock Group LLC grew its position in shares of Patterson-UTI Energy by 109.2% in the second 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. Goldman Sachs Group Inc. lifted its holdings in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. UBS Group AG lifted its holdings in Patterson-UTI Energy by 121.2% during 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 purchasing an additional 4,558,445 shares in the last quarter. 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 purchasing an additional 4,442,700 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction that occurred 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 sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction 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. The trade was a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $12.34 on Friday. The stock’s 50-day simple moving average is $10.13 and its two-hundred day simple moving average is $10.32. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The firm has a market capitalization of $4.71 billion, a P/E ratio of -53.65 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several analyst reports. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group boosted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.95.

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.