Clear Harbor Asset Management LLC Takes Position in Patterson-UTI Energy, Inc. $PTEN

Clear Harbor Asset Management LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 169,377 shares of the oil and gas company’s stock, valued at approximately $1,555,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Lazard Asset Management LLC increased its position in Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after acquiring an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after acquiring an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd boosted its position in Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares during the period. Sage Rhino Capital LLC grew its stake in shares of Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Assetmark Inc. grew its stake in shares of Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 1,786 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Up 1.3%

PTEN stock opened at $12.34 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The firm has a market cap of $4.71 billion, a PE ratio of -53.65 and a beta of 0.63. The firm has a 50 day simple moving average of $10.13 and a 200 day simple moving average of $10.32. 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 Announces Dividend

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 issued a $0.10 dividend. The ex-dividend date of this dividend 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 is currently -173.91%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Stifel Nicolaus raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Citigroup lowered 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 note on Monday, June 29th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Activity

In other 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 transaction of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The stock was 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. The trade was a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 363,670 shares of company stock worth $4,212,677. 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.