Kahn Brothers Group Inc. Takes Position in Patterson-UTI Energy, Inc. $PTEN

Kahn Brothers Group Inc. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,663,758 shares of the oil and gas company’s stock, valued at approximately $15,273,000. Patterson-UTI Energy comprises about 0.0% of Kahn Brothers Group Inc.’s portfolio, making the stock its 25th largest position. Kahn Brothers Group Inc. owned 0.44% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $577,234,000. Dimensional Fund Advisors LP boosted its position in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. State Street Corp grew its holdings in Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after buying an additional 75,560 shares in the last quarter. Sourcerock Group LLC grew its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after acquiring an additional 5,551,276 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred 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 transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was 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 in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 420,670 shares of company stock valued at $4,880,957 in the last quarter. Insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PTEN shares. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Susquehanna raised their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Barclays increased their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Trading Up 4.3%

Shares of Patterson-UTI Energy stock opened at $12.26 on Friday. The business has a fifty day simple moving average of $10.25 and a 200-day simple moving average of $10.45. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -53.30 and a beta of 0.63. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 annualized dividend and a dividend yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

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.