Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 22.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 532,567 shares of the oil and gas company’s stock after purchasing an additional 96,370 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Patterson-UTI Energy were worth $3,158,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sourcerock Group LLC lifted its position in shares of Patterson-UTI Energy by 109.2% in 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 buying an additional 7,205,652 shares during the last quarter. Norges Bank acquired a new stake in Patterson-UTI Energy during the second quarter worth about $25,987,000. Holocene Advisors LP lifted its holdings in Patterson-UTI Energy by 7,113.3% in 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 acquiring an additional 3,289,817 shares during the last quarter. American Century Companies Inc. lifted its holdings in Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after acquiring an additional 2,746,159 shares during the last quarter. Finally, Monaco Asset Management SAM grew its holdings in shares of Patterson-UTI Energy by 694.8% during the second 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 purchasing an additional 2,675,000 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Activity

In related news, Director James Carl Stewart sold 368,254 shares of the firm’s 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 transaction, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PTEN shares. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 target price (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, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.28.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $5.83 on Friday. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -16.19 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The stock’s fifty day moving average is $6.02 and its 200-day moving average is $5.89.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The company had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.08 dividend. The ex-dividend date was Monday, December 1st. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

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.