Patterson-UTI Energy, Inc. $PTEN Stock Holdings Lowered by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 28.0% during the first quarter, Holdings Channel reports. The fund owned 4,128,099 shares of the oil and gas company’s stock after selling 1,601,600 shares during the quarter. Renaissance Technologies LLC’s holdings in Patterson-UTI Energy were worth $44,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC grew its position in 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 worth $85,000 after purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd raised its holdings in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 1,547 shares during the last quarter. Sage Rhino Capital LLC boosted its position in shares of Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after buying an additional 1,575 shares during the period. Assetmark Inc. boosted its position in shares of Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after buying an additional 1,786 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Patterson-UTI Energy by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after buying an additional 1,915 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. The trade was a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction 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 trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $9.41 on Tuesday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The firm has a market cap of $3.57 billion, a P/E ratio of -30.35 and a beta of 0.62. The stock has a fifty day moving average price of $10.54 and a two-hundred day moving average price of $9.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Analyst Upgrades and Downgrades

PTEN has been the topic of several analyst reports. Royal Bank Of Canada raised their target price 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Morgan Stanley increased their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Stifel Nicolaus lifted 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. Finally, The Goldman Sachs Group lifted 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. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.15.

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.