Van ECK Associates Corp Sells 1,774,461 Shares of Patterson-UTI Energy, Inc. $PTEN

Van ECK Associates Corp lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 7,132,532 shares of the oil and gas company’s stock after selling 1,774,461 shares during the period. Van ECK Associates Corp’s holdings in Patterson-UTI Energy were worth $65,477,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP lifted its position in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth about $32,000. Rockefeller Capital Management L.P. raised its stake in 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 purchasing an additional 4,299 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 valued at $51,000 after purchasing an additional 7,171 shares during the period. Finally, Aster Capital Management DIFC Ltd lifted its holdings in Patterson-UTI Energy by 21.6% in 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 purchasing an additional 1,547 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 420,670 shares of company stock valued at $4,880,957 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Susquehanna upped 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. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. 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 report on Monday, June 29th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $12.43 on Friday. The business’s 50-day moving average is $10.30 and its 200 day moving average is $10.46. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market capitalization of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

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.