Hennessy Advisors Inc. Acquires New Holdings in Patterson-UTI Energy, Inc. $PTEN

Hennessy Advisors Inc. acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 820,800 shares of the oil and gas company’s stock, valued at approximately $7,535,000. Hennessy Advisors Inc. owned approximately 0.22% of Patterson-UTI Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PTEN. Lazard Asset Management LLC increased its holdings in shares of 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 lifted its stake in shares of 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 purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its stake in shares of 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 purchasing an additional 1,547 shares during the last quarter. Assetmark Inc. boosted its position in Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 1,786 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after purchasing an additional 1,915 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a report on Friday, July 31st. Royal Bank Of Canada raised their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Citigroup cut their price objective 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. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Finally, KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the sale, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 420,670 shares of company stock worth $4,880,957 over the last three months. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $12.43 on Friday. The business has a fifty day moving average of $10.30 and a 200 day moving average of $10.46. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. 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 market capitalization of $4.74 billion, a price-to-earnings ratio of -54.04 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

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