NYL Investors LLC Acquires New Position in Patterson-UTI Energy, Inc. $PTEN

NYL Investors LLC acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 110,785 shares of the oil and gas company’s stock, valued at approximately $1,017,007,000. Patterson-UTI Energy makes up about 0.4% of NYL Investors LLC’s holdings, making the stock its 25th biggest holding.

Several other hedge funds also recently made changes to their positions in PTEN. Commerce Bank bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $128,000. Quantbot Technologies LP bought a new position in Patterson-UTI Energy during the second quarter worth $1,761,000. Landscape Capital Management L.L.C. bought a new position in Patterson-UTI Energy during the second quarter worth $176,000. EP Wealth Advisors LLC bought a new position in Patterson-UTI Energy during the second quarter worth $328,000. Finally, Ieq Capital LLC acquired a new position in Patterson-UTI Energy in the second quarter worth $2,140,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 363,670 shares of company stock valued at $4,212,677 over the last 90 days. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Up 1.3%

Shares of PTEN stock opened at $12.34 on Friday. 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, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The stock has a fifty day moving average of $10.13 and a two-hundred day moving average of $10.32. The firm has a market capitalization of $4.71 billion, a PE ratio of -53.65 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Analyst Upgrades and Downgrades

PTEN has been the subject of several recent research reports. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Stifel Nicolaus raised their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. 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 report on Thursday, June 4th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.95.

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.