71,533 Shares in Patterson-UTI Energy, Inc. $PTEN Purchased by Maverick Capital Ltd.

Maverick Capital Ltd. bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 71,533 shares of the oil and gas company’s stock, valued at approximately $775,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PTEN. Quarry LP grew its stake in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the period. First Horizon Corp raised its position in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 2,049 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Patterson-UTI Energy by 187.6% in 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 acquiring an additional 4,299 shares during the last quarter. Torren Management LLC acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its position in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PTEN. Stifel Nicolaus raised 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. Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Citigroup reduced their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 29th. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has an average rating of “Hold” and an average price target of $12.15.

Insider Transactions at Patterson-UTI Energy

In other news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares of the company’s stock, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,007,844 shares of company stock valued at $11,922,302 over the last quarter. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $9.17 on Wednesday. The stock’s 50-day moving average is $10.47 and its two-hundred day moving average is $9.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -29.58 and a beta of 0.62.

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.