Y Intercept Hong Kong Ltd Has $2.71 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Y Intercept Hong Kong Ltd lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 522,528 shares of the oil and gas company’s stock after selling 95,380 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.14% of Patterson-UTI Energy worth $2,707,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sourcerock Group LLC grew its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Norges Bank bought a new stake in Patterson-UTI Energy during the second quarter worth about $25,987,000. Holocene Advisors LP grew its stake in Patterson-UTI Energy by 7,113.3% during the second quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock worth $19,783,000 after buying an additional 3,289,817 shares in the last quarter. American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 23.4% in the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after buying an additional 2,746,159 shares during the period. Finally, Monaco Asset Management SAM increased its holdings in Patterson-UTI Energy by 694.8% in the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock valued at $18,146,000 after buying an additional 2,675,000 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $7.47 on Wednesday. The stock has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $5.98. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $9.30. The company has a market capitalization of $2.83 billion, a PE ratio of -20.88 and a beta of 0.72. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the sale, the director directly owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PTEN has been the topic of several analyst reports. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Tudor Pickering lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $7.28.

About Patterson-UTI Energy

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.