Hara Capital LLC Acquires New Stake in Patterson-UTI Energy, Inc. $PTEN

Hara Capital LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 128,654 shares of the oil and gas company’s stock, valued at approximately $1,181,000.

A number of other large investors also recently bought and sold shares of PTEN. BlackRock Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $577,234,000. Dimensional Fund Advisors LP lifted its position in Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the period. State Street Corp lifted its position in Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after purchasing an additional 75,560 shares during the period. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PTEN shares. Susquehanna increased their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Finally, Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $12.95.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction on Friday, June 5th. The stock was 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 directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Trading Up 1.0%

Shares of Patterson-UTI Energy stock opened at $12.18 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-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 stock has a market cap of $4.65 billion, a PE ratio of -52.96 and a beta of 0.63. The company has a 50-day moving average of $10.12 and a two-hundred day moving average of $10.31.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

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.