Ieq Capital LLC Takes $2.14 Million Position in Patterson-UTI Energy, Inc. $PTEN

Ieq Capital LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, HoldingsChannel.com reports. The fund bought 233,123 shares of the oil and gas company’s stock, valued at approximately $2,140,000.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth $577,234,000. Dimensional Fund Advisors LP raised its position in Patterson-UTI Energy by 14.9% during 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 boosted its holdings in shares of Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after purchasing an additional 75,560 shares during the period. Sourcerock Group LLC increased its position in shares of Patterson-UTI Energy by 109.2% during 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 during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Patterson-UTI Energy by 110.8% during 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 buying an additional 5,551,276 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research report on Friday, July 31st. Royal Bank Of Canada upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Barclays upped their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Susquehanna raised their price target 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. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Stock Performance

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 business has a 50-day moving average price of $10.18 and a 200 day moving average price of $10.40. The company has a market capitalization of $4.39 billion, a P/E ratio of -50.09 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Dividend Announcement

The firm 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. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Activity

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction 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. This trade represents a 19.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy 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 completion of the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 363,670 shares of company stock worth $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.