Webs Creek Capital Management LP Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Webs Creek Capital Management LP purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,852,934 shares of the oil and gas company’s stock, valued at approximately $53,729,934,000. Patterson-UTI Energy comprises about 10.2% of Webs Creek Capital Management LP’s holdings, making the stock its biggest position.

A number of other institutional investors have also modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy during the second quarter worth about $32,000. Quarry LP boosted its stake in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of Patterson-UTI Energy by 187.6% during the fourth 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 last quarter. Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $44,000. Finally, Allworth Financial LP bought a new position in shares of Patterson-UTI Energy during the second quarter valued at approximately $68,000. Institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction that occurred on 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 owned 2,542,474 shares in the company, valued at $29,594,397.36. This represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 363,670 shares of company stock worth $4,212,677 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PTEN. Stifel Nicolaus boosted their price objective 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. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. upgraded 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. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price target 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. One 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $11.86 on Tuesday. The firm has a market capitalization of $4.52 billion, a PE ratio of -51.57 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. The firm has a 50-day moving average price of $10.16 and a 200 day moving average price of $10.37. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.4%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

About Patterson-UTI Energy

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.