1,480,000 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Edmond DE Rothschild Holding S.A.

Edmond DE Rothschild Holding S.A. bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 1,480,000 shares of the oil and gas company’s stock, valued at approximately $13,586,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $32,000. First Horizon Corp boosted its stake in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Rockefeller Capital Management L.P. boosted its stake in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares during the period. Finally, Torren Management LLC bought a new position in Patterson-UTI Energy in the 4th quarter worth about $44,000. 97.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy 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 sale, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 363,670 shares of company stock worth $4,212,677 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $12.06 on Thursday. The company’s fifty day moving average is $10.10 and its two-hundred day moving average is $10.28. The company has a market cap of $4.60 billion, a P/E ratio of -52.43 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 12-month low of $5.10 and a 12-month high of $13.08.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Analysts Set New Price Targets

Several brokerages have commented on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target for the company in a research note on Tuesday, July 14th. Stifel Nicolaus raised their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. JPMorgan Chase & Co. upgraded shares of 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, Barclays lifted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently 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.