Corient Private Wealth LP Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Corient Private Wealth LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 338,651 shares of the oil and gas company’s stock, valued at approximately $3,109,000.

Several other hedge funds have also modified their holdings of PTEN. BlackRock Inc. acquired a new position in Patterson-UTI Energy during the second quarter worth $577,234,000. Dimensional Fund Advisors LP raised its position in Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after acquiring an additional 2,745,872 shares in the last quarter. State Street Corp lifted its holdings in Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after acquiring an additional 75,560 shares during the period. Sourcerock Group LLC lifted its holdings in 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 acquiring an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of 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. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 1.2%

Shares of PTEN stock opened at $12.79 on Wednesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The stock has a market cap of $4.88 billion, a P/E ratio of -55.61 and a beta of 0.66. The business has a fifty day simple moving average of $10.40 and a 200-day simple moving average of $10.53. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PTEN shares. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. 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 note on Monday, June 29th. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. Royal Bank Of Canada upped 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 report on Friday, May 29th. Finally, Stifel Nicolaus increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned 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.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 420,670 shares of company stock worth $4,880,957. 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.