UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 736,884 shares of the oil and gas company’s stock after selling 56,183 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.19% of Patterson-UTI Energy worth $6,765,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $32,000. Quarry LP lifted its position in 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 worth $26,000 after buying an additional 3,862 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Patterson-UTI Energy by 187.6% in 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 buying an additional 4,299 shares during the last quarter. Allworth Financial LP purchased a new stake in Patterson-UTI Energy in the second quarter worth approximately $68,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Patterson-UTI Energy by 494.6% in the second 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 in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PTEN. Barclays lifted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research note on Friday, July 31st. Susquehanna lifted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.25.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.93, for a total value of $3,232,500.00. Following the completion of the sale, the chief executive officer directly owned 2,292,474 shares in the company, valued at $29,641,688.82. This trade represents a 9.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 777,000 shares of company stock valued at $9,721,280 in the last three months. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Up 1.9%

Shares of NASDAQ:PTEN opened at $12.66 on Wednesday. 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 company has a market cap of $4.83 billion, a PE ratio of -55.04 and a beta of 0.66. The stock’s 50-day moving average is $10.72 and its 200 day moving average is $10.69. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.31.

Patterson-UTI Energy Dividend Announcement

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

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.