Quantitative Investment Management LLC Invests $667,000 in Patterson-UTI Energy, Inc. $PTEN

Quantitative Investment Management LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 72,723 shares of the oil and gas company’s stock, valued at approximately $667,000.

Several other large investors have also added to or reduced their stakes in PTEN. Convergence Investment Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $1,325,000. Principal Financial Group Inc. grew its stake in shares of Patterson-UTI Energy by 92.6% in the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after buying an additional 4,093,636 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new position in Patterson-UTI Energy during the fourth quarter worth $1,161,000. Gagnon Securities LLC raised its position in Patterson-UTI Energy by 69.0% during the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after acquiring an additional 144,080 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in Patterson-UTI Energy by 163.5% during the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock worth $5,457,000 after acquiring an additional 312,680 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PTEN shares. Susquehanna raised their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research note on Monday, August 3rd. Citigroup dropped their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Barclays increased their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.95.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the 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 approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 420,670 shares of company stock valued at $4,880,957 in the last ninety days. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Up 1.2%

PTEN stock opened at $12.79 on Wednesday. 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 $4.88 billion, a PE ratio of -55.61 and a beta of 0.66. The company’s 50-day simple moving average is $10.40 and its 200 day simple moving average is $10.53. 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 Announces Dividend

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 issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -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.