Quantbot Technologies LP Acquires New Position in Patterson-UTI Energy, Inc. $PTEN

Quantbot Technologies LP acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 191,884 shares of the oil and gas company’s stock, valued at approximately $1,761,000.

A number of other hedge funds have also added to or reduced their stakes in PTEN. 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 worth $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $32,000. Rockefeller Capital Management L.P. boosted its holdings 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 during the period. Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Down 3.9%

PTEN opened at $11.86 on Tuesday. 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 cap of $4.52 billion, a price-to-earnings ratio of -51.57 and a beta of 0.63. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The stock has a fifty day moving average price of $10.16 and a 200-day moving average price of $10.37.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued 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 3.4%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the 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 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 represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm’s 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 sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on PTEN. Susquehanna raised their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a report on Friday, July 31st. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Finally, Barclays lifted their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

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.