Capstone Investment Advisors LLC Acquires New Holdings in Patterson-UTI Energy, Inc. $PTEN

Capstone Investment Advisors LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 68,434 shares of the oil and gas company’s stock, valued at approximately $628,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Quarry LP increased its holdings in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Patterson-UTI Energy in the 2nd quarter worth $32,000. Rockefeller Capital Management L.P. lifted its stake in shares of 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 worth $40,000 after purchasing an additional 4,299 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 420,670 shares of company stock worth $4,880,957. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Trading Up 1.4%

Shares of NASDAQ:PTEN opened at $12.43 on Friday. The business’s 50-day moving average is $10.30 and its 200 day moving average is $10.46. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The firm has a market capitalization of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Announces Dividend

The firm 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 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 dividend yield of 3.2%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Wall Street Analyst Weigh In

PTEN has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Citigroup lowered their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 29th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada increased their target price 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $12.95.

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.