Man Group plc Acquires Shares of 1,065,067 Patterson-UTI Energy, Inc. $PTEN

Man Group plc bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,065,067 shares of the oil and gas company’s stock, valued at approximately $9,777,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PTEN. BlackRock Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at $577,234,000. Dimensional Fund Advisors LP raised its stake in shares of 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 worth $229,732,000 after purchasing an additional 2,745,872 shares during the last quarter. State Street Corp raised its stake in shares of 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 worth $93,270,000 after purchasing an additional 75,560 shares during the last quarter. Sourcerock Group LLC raised its position 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 worth $81,856,000 after buying an additional 7,205,652 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position 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 worth $64,517,000 after buying an additional 5,551,276 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $12.43 on Friday. The company has a 50-day moving average price of $10.30 and a 200-day moving average price of $10.46. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The firm 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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of the firm’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 transaction, the chief accounting officer directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 420,670 shares of company stock valued at $4,880,957. Insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PTEN. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 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 report on Monday, August 3rd. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, Barclays increased their price target 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 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.

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.