Webs Creek Capital Management LP Makes New $53.73 Million Investment in Patterson-UTI Energy, Inc. $PTEN

Webs Creek Capital Management LP purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,852,934 shares of the oil and gas company’s stock, valued at approximately $53,729,934. Patterson-UTI Energy comprises approximately 0.0% of Webs Creek Capital Management LP’s portfolio, making the stock its largest holding. Webs Creek Capital Management LP owned 1.53% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PTEN. BlackRock Inc. bought a new stake in Patterson-UTI Energy in the second quarter valued at approximately $577,234,000. Sourcerock Group LLC lifted its stake in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 110.8% in the fourth 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 buying an additional 5,551,276 shares in the last quarter. UBS Group AG grew its holdings in shares of 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 during the period. Finally, Millennium Management LLC increased its holdings in Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after buying an additional 4,442,700 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Activity

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 420,670 shares of company stock worth $4,880,957 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research reports. Barclays boosted their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a report on Friday, July 31st. Citigroup reduced their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, 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 research report on Thursday, June 4th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Trading Up 1.4%

PTEN stock traded up $0.17 during mid-day trading on Friday, hitting $12.43. 7,009,247 shares of the company were exchanged, compared to its average volume of 9,941,476. The business has a fifty day simple moving average of $10.25 and a 200-day simple moving average of $10.45. The firm has a market capitalization of $4.74 billion, a P/E ratio of -54.04 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 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 company also recently disclosed 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

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.