911,529 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Legal & General Group Plc

Legal & General Group Plc bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 911,529 shares of the oil and gas company’s stock, valued at approximately $8,368,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth about $577,234,000. Sourcerock Group LLC increased its holdings in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $53,729,934. Goldman Sachs Group Inc. raised its position in shares of 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 during the last quarter. Finally, UBS Group AG raised its position in shares of Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.2%

Shares of Patterson-UTI Energy stock opened at $12.79 on Wednesday. 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 firm has a fifty day moving average price of $10.40 and a 200 day moving average price of $10.53. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The stock has a market cap of $4.88 billion, a PE ratio of -55.61 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Wall Street Analyst Weigh In

Several analysts have weighed in on PTEN shares. Citigroup dropped their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research report on Monday, June 29th. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Carl Stewart sold 207,000 shares of the company’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. In the last quarter, insiders sold 420,670 shares of company stock worth $4,880,957. 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.