Kingsview Wealth Management LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Kingsview Wealth Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, HoldingsChannel.com reports. The fund bought 390,653 shares of the oil and gas company’s stock, valued at approximately $3,586,000.

Other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $32,000. Quarry LP boosted its position in 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. boosted its position 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. Allworth Financial LP bought a new position in Patterson-UTI Energy during the 2nd quarter worth $68,000. Finally, EverSource Wealth Advisors LLC grew its stake in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Up 1.4%

PTEN opened at $12.43 on Friday. The stock’s 50 day moving average price is $10.30 and its 200 day moving average price is $10.46. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The stock has a market cap of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. 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 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 $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PTEN. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Citigroup dropped their price objective 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. Susquehanna lifted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research report on Monday, August 3rd. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The shares were 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 ninety days, insiders have sold 420,670 shares of company stock valued at $4,880,957. Company insiders own 2.20% of the company’s stock.

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.