Ieq Capital LLC Makes New $2.14 Million Investment in Patterson-UTI Energy, Inc. $PTEN

Ieq Capital LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 233,123 shares of the oil and gas company’s stock, valued at approximately $2,140,000. Ieq Capital LLC owned about 0.06% of Patterson-UTI Energy at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its position in Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after purchasing an additional 10,142 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after purchasing an additional 220,422 shares during the period. United Services Automobile Association purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after purchasing an additional 30,217 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PTEN shares. Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday. Susquehanna raised their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. Finally, Royal Bank Of Canada lifted their target price 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. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Trading Down 2.9%

PTEN stock opened at $11.52 on Wednesday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of -50.09 and a beta of 0.63. The business has a 50 day simple moving average of $10.18 and a two-hundred day simple moving average of $10.40.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at $29,594,397.36. This represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. This trade represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 363,670 shares of company stock valued at $4,212,677. Corporate insiders own 2.20% of the company’s stock.

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.