Kingsview Wealth Management LLC Purchases New Position in Patterson-UTI Energy, Inc. $PTEN

Kingsview Wealth Management 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 (SEC). The firm acquired 390,653 shares of the oil and gas company’s stock, valued at approximately $3,586,000. Kingsview Wealth Management LLC owned 0.10% of Patterson-UTI Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the second quarter worth about $32,000. Quarry LP raised its holdings in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares during the period. Allworth Financial LP acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $68,000. Finally, EverSource Wealth Advisors LLC lifted its position in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 1.4%

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

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Insider Transactions at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was 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, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 420,670 shares of company stock worth $4,880,957. 2.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PTEN shares. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Barclays raised their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, 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 report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

About Patterson-UTI Energy

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.