Quantitative Investment Management LLC Invests $667,000 in Patterson-UTI Energy, Inc. $PTEN

Quantitative Investment Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 72,723 shares of the oil and gas company’s stock, valued at approximately $667,000.

A number of other institutional investors have also added to or reduced their stakes in PTEN. Lazard Asset Management LLC boosted its stake 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 worth $231,000 after buying an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after buying an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in shares of Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares during the period. Assetmark Inc. lifted its holdings in shares of 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 worth $258,000 after acquiring an additional 1,786 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PTEN has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. 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. Susquehanna increased their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Finally, Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Nine 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $12.79 on Wednesday. The stock’s fifty day moving average is $10.40 and its 200-day moving average is $10.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The stock has a market capitalization of $4.88 billion, a PE ratio of -55.61 and a beta of 0.66. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Insider Buying and Selling

In other news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. The trade was a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is owned by company insiders.

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.