Van ECK Associates Corp Sells 1,774,461 Shares of Patterson-UTI Energy, Inc. $PTEN

Van ECK Associates Corp trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,132,532 shares of the oil and gas company’s stock after selling 1,774,461 shares during the period. Van ECK Associates Corp owned approximately 1.87% of Patterson-UTI Energy worth $65,477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $577,234,000. Dimensional Fund Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares during the period. State Street Corp boosted its stake in shares of Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after buying an additional 75,560 shares during the last quarter. Sourcerock Group LLC boosted its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd 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 last quarter. Finally, Goldman Sachs Group Inc. grew its holdings 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 worth $64,517,000 after acquiring an additional 5,551,276 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank Of Canada upped their price objective 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. Stifel Nicolaus boosted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Finally, Susquehanna raised 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. 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.95.

Insider Transactions at Patterson-UTI Energy

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 directly owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, 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. Insiders have sold 420,670 shares of company stock valued at $4,880,957 over the last quarter. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $12.43 on Friday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The stock’s fifty day moving average is $10.30 and its 200 day moving average is $10.46. The stock has a market cap of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Announces Dividend

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