Penn Capital Management Company LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Penn Capital Management Company LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 1,990,225 shares of the oil and gas company’s stock, valued at approximately $18,307,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Convergence Investment Partners LLC purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $1,325,000. Principal Financial Group Inc. raised its position in shares of Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after acquiring an additional 4,093,636 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $1,161,000. Gagnon Securities LLC lifted its position in shares of Patterson-UTI Energy by 69.0% during the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after buying an additional 144,080 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after buying an additional 312,680 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 1.4%

Shares of PTEN stock opened at $12.43 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm has a market capitalization of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63. The stock’s 50-day simple moving average is $10.30 and its 200-day simple moving average is $10.46.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 207,000 shares of the 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Susquehanna upped their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research report on Monday, August 3rd. Citigroup lowered their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Finally, Royal Bank Of Canada increased their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

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.