California State Teachers Retirement System Acquires 72,082 Shares of Patterson-UTI Energy, Inc. $PTEN

California State Teachers Retirement System lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 425,281 shares of the oil and gas company’s stock after purchasing an additional 72,082 shares during the quarter. California State Teachers Retirement System’s holdings in Patterson-UTI Energy were worth $4,606,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after acquiring an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after purchasing an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after buying an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after acquiring an additional 30,217 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PTEN. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research report on Monday, June 29th. The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Finally, KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Stock Down 1.8%

Shares of NASDAQ:PTEN opened at $9.87 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a market capitalization of $3.76 billion, a PE ratio of -42.91 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a fifty day moving average of $10.16 and a 200-day moving average of $10.02.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 4.1%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is currently owned by corporate insiders.

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.