68,434 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Capstone Investment Advisors LLC

Capstone Investment Advisors LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 68,434 shares of the oil and gas company’s stock, valued at approximately $628,000.

Other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the second quarter worth about $32,000. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the period. Rockefeller Capital Management L.P. boosted its position in Patterson-UTI Energy by 187.6% in the fourth 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 last quarter. Torren Management LLC purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, Allworth Financial LP acquired a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $68,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 1.4%

Shares of NASDAQ:PTEN opened at $12.43 on Friday. 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 PE ratio of -54.04 and a beta of 0.63. The business has a 50 day moving average of $10.30 and a two-hundred day moving average of $10.46. 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 announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is -173.91%.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 420,670 shares of company stock worth $4,880,957 in the last three months. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. 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. Finally, Barclays boosted their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.