Freestone Grove Partners LP Takes Position in Patterson-UTI Energy, Inc. $PTEN

Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 1,607,903 shares of the oil and gas company’s stock, valued at approximately $14,761,000. Freestone Grove Partners LP owned 0.42% of Patterson-UTI Energy as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the 2nd quarter valued at approximately $32,000. Rockefeller Capital Management L.P. boosted its position in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the last quarter. Torren Management LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Patterson-UTI Energy by 494.6% during the 2nd 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 in the last quarter. 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 the stock in a transaction 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 completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PTEN shares. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. The Goldman Sachs Group lifted their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Susquehanna boosted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Stock Up 4.3%

NASDAQ:PTEN opened at $12.26 on Friday. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -53.30 and a beta of 0.63. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock’s 50 day moving average price is $10.25 and its two-hundred day moving average price is $10.45. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Patterson-UTI Energy 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.