SummerHaven Investment Management LLC Invests $674,000 in Patterson-UTI Energy, Inc. $PTEN

SummerHaven Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 130,108 shares of the oil and gas company’s stock, valued at approximately $674,000.

Several other large investors have also recently added to or reduced their stakes in PTEN. Versant Capital Management Inc grew its position in Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 3,343 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 43.0% in the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 2,717 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 7,171 shares during the period. Arkadios Wealth Advisors bought a new stake in shares of Patterson-UTI Energy during the third quarter worth $52,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at $62,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $7.33 on Thursday. The stock’s 50-day moving average is $6.39 and its 200-day moving average is $5.99. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.30. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of -20.36 and a beta of 0.72. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Barclays reissued an “equal weight” rating and set a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Finally, Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $7.28.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

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.