Great Lakes Advisors LLC Takes Position in Patterson-UTI Energy, Inc. $PTEN

Great Lakes Advisors LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, HoldingsChannel reports. The fund bought 211,550 shares of the oil and gas company’s stock, valued at approximately $1,942,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $577,234,000. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Patterson-UTI Energy by 110.8% during 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 last quarter. UBS Group AG increased its holdings in shares of Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after acquiring an additional 4,558,445 shares during the period. Finally, Millennium Management LLC raised its position in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 363,670 shares of company stock valued at $4,212,677 in the last 90 days. 2.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PTEN. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research note on Monday, August 3rd. Barclays boosted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.95.

Patterson-UTI Energy Trading Up 1.3%

Shares of PTEN opened at $12.34 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.71 billion, a P/E ratio of -53.65 and a beta of 0.63. The firm’s 50-day moving average is $10.13 and its two-hundred day moving average is $10.32.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

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.