Miller Howard Investments Inc. NY Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Miller Howard Investments Inc. NY bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 255,108 shares of the oil and gas company’s stock, valued at approximately $2,786,000.

A number of other large investors have also added to or reduced their stakes in PTEN. Signaturefd LLC lifted its stake in Patterson-UTI Energy by 29.5% during the third quarter. Signaturefd LLC now owns 14,428 shares of the oil and gas company’s stock worth $158,000 after purchasing an additional 3,286 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of Patterson-UTI Energy in the 3rd quarter worth about $115,000. Yousif Capital Management LLC boosted its holdings in shares of Patterson-UTI Energy by 5.6% in the 3rd quarter. Yousif Capital Management LLC now owns 106,418 shares of the oil and gas company’s stock worth $1,162,000 after purchasing an additional 5,662 shares in the last quarter. Reyes Financial Architecture Inc. bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $60,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $115,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $12.25 on Tuesday. 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 company has a market capitalization of $4.67 billion, a PE ratio of -53.26 and a beta of 0.77. The firm has a fifty day simple moving average of $11.85 and a two-hundred day simple moving average of $10.40. Patterson-UTI Energy, Inc. has a twelve month low of $5.24 and a twelve month high of $13.39.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Susquehanna upped their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Citigroup reduced their price target on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Insider Buying and Selling

In other news, Director Robert Drummond Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the transaction, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Stewart sold 207,000 shares of the business’s stock in a transaction dated 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 1,027,000 shares of company stock worth $12,698,780 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.