Connor Clark & Lunn Investment Management Ltd. Buys Shares of 989,835 Patterson-UTI Energy, Inc. $PTEN

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 989,835 shares of the oil and gas company’s stock, valued at approximately $9,087,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.26% of Patterson-UTI Energy at the end of the most recent quarter.

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

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $11.75 on Thursday. The firm’s fifty day moving average price is $10.21 and its two-hundred day moving average price is $10.42. The stock has a market cap of $4.48 billion, a PE ratio of -51.09 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. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy Dividend Announcement

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

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 207,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction dated Monday, June 8th. The shares were 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 SEC filing for this sale provides additional information. Insiders have sold 420,670 shares of company stock worth $4,880,957 in the last 90 days. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of several recent analyst reports. Barclays lifted their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Citigroup decreased their target price 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. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Finally, Susquehanna increased their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

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.