Empowered Funds LLC Invests $14.18 Million in Patterson-UTI Energy, Inc. $PTEN

Empowered Funds LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,544,655 shares of the oil and gas company’s stock, valued at approximately $14,180,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy during the 2nd quarter valued at $32,000. Quarry LP raised its stake in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. Rockefeller Capital Management L.P. raised 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 valued at $40,000 after purchasing an additional 4,299 shares during the period. Torren Management LLC purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $44,000. Finally, Allworth Financial LP bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $68,000. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PTEN shares. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $12.43 on Friday. The company has a 50-day simple moving average of $10.30 and a two-hundred day simple moving average of $10.46. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -54.04 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 Announces Dividend

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

Patterson-UTI Energy Company 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.