Empowered Funds LLC Cuts Stock Position in Patterson-UTI Energy, Inc. $PTEN

Empowered Funds LLC lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.5% in the 1st quarter, HoldingsChannel reports. The fund owned 1,521,110 shares of the oil and gas company’s stock after selling 197,878 shares during the period. Empowered Funds LLC’s holdings in Patterson-UTI Energy were worth $16,474,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PTEN. Lazard Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 6.2% in 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 during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after buying an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in Patterson-UTI Energy by 21.6% in 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 purchasing an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC boosted its holdings in 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 in the last quarter. Finally, Assetmark Inc. grew its position 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 valued at $258,000 after acquiring an additional 1,786 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $9.17 on Wednesday. The stock has a fifty day simple moving average of $10.47 and a 200-day simple moving average of $9.88. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock has a market cap of $3.48 billion, a PE ratio of -29.58 and a beta of 0.62. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08.

Insider Buying and Selling

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the 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 transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last three months. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the topic of several research analyst reports. Citigroup dropped their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research report on Monday, June 29th. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Finally, Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research note on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price 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.