Tejara Capital Ltd Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Tejara Capital Ltd purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 182,832 shares of the oil and gas company’s stock, valued at approximately $1,678,000.

Other large investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its holdings in shares of Patterson-UTI Energy by 6.2% during 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 purchasing an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Patterson-UTI Energy by 11.4% in 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 purchasing an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd lifted its holdings in Patterson-UTI Energy by 21.6% in the fourth 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 period. Sage Rhino Capital LLC grew its position in Patterson-UTI Energy by 6.6% in the 4th 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 in the last quarter. Finally, Assetmark Inc. increased its stake in Patterson-UTI Energy by 8.1% during the 1st 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 during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 1.0%

Shares of NASDAQ:PTEN opened at $12.18 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a market cap of $4.65 billion, a PE ratio of -52.96 and a beta of 0.63. The firm has a 50 day simple moving average of $10.12 and a 200 day simple moving average of $10.31.

Patterson-UTI Energy Announces Dividend

The firm 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 $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PTEN shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Barclays increased their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Finally, Susquehanna lifted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. One 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was 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 in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 363,670 shares of company stock valued at $4,212,677 over the last three months. 2.20% of the stock is owned by corporate insiders.

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.