Great Lakes Advisors LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Great Lakes Advisors LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 211,550 shares of the oil and gas company’s stock, valued at approximately $1,942,000. Great Lakes Advisors LLC owned about 0.06% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in Patterson-UTI Energy by 6.2% in the first 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 holdings in Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after buying an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd grew its position in Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 1,547 shares during the period. Sage Rhino Capital LLC grew its position in Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after buying an additional 1,575 shares during the period. Finally, Assetmark Inc. increased its holdings in 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 valued at $258,000 after buying an additional 1,786 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Barclays boosted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Finally, Stifel Nicolaus lifted 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 report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.

Insider Transactions at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the 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 transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $12.34 on Friday. The company has a fifty day simple moving average of $10.13 and a 200-day simple moving average of $10.32. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of -53.65 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08.

Patterson-UTI Energy Dividend Announcement

The business also recently declared 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 dividend on an annualized basis 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%.

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.