The Manufacturers Life Insurance Company Sells 65,219 Shares of Patterson-UTI Energy, Inc. $PTEN

The Manufacturers Life Insurance Company reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 253,368 shares of the oil and gas company’s stock after selling 65,219 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Patterson-UTI Energy worth $2,744,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Sourcerock Group LLC grew its holdings in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. UBS Group AG boosted its position in shares of Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after purchasing an additional 4,558,445 shares in the last quarter. Millennium Management LLC boosted its position in shares of Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after purchasing an additional 4,442,700 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after buying an additional 4,093,636 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 363,670 shares of company stock valued at $4,212,677 over the last ninety days. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $9.87 on Friday. The stock’s 50 day simple moving average is $10.16 and its 200 day simple moving average is $10.02. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The stock has a market capitalization of $3.76 billion, a PE ratio of -42.91 and a beta of 0.63.

Patterson-UTI Energy Announces Dividend

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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PTEN. Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Barclays lifted their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.

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.