Tejara Capital Ltd Purchases Shares of 182,832 Patterson-UTI Energy, Inc. $PTEN

Tejara Capital Ltd acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, Holdings Channel.com reports. The firm acquired 182,832 shares of the oil and gas company’s stock, valued at approximately $1,678,000.

A number of other institutional investors have also added to or reduced their stakes in PTEN. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $32,000. Quarry LP increased its position in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp raised its stake in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares in the last quarter. Finally, Torren Management LLC bought a new position in Patterson-UTI Energy in the fourth quarter worth $44,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PTEN shares. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a report on Friday, July 31st. Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Tuesday, July 14th. Susquehanna increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $12.18 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The stock has a market capitalization of $4.65 billion, a PE ratio of -52.96 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. The stock’s fifty day moving average is $10.12 and its 200-day moving average is $10.31.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 363,670 shares of company stock worth $4,212,677. Insiders own 2.20% of the company’s stock.

About Patterson-UTI Energy

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.