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

NYL Investors LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 110,785 shares of the oil and gas company’s stock, valued at approximately $1,017,007. Patterson-UTI Energy makes up 0.0% of NYL Investors LLC’s investment portfolio, making the stock its 25th largest position.

Several other hedge funds have also recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in shares of Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after purchasing an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new position in shares of Patterson-UTI Energy during the 1st quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after purchasing an additional 30,217 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 207,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 420,670 shares of company stock valued at $4,880,957. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.21 during trading hours on Friday, hitting $12.47. 5,983,408 shares of the company were exchanged, compared to its average volume of 9,935,354. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of -54.22 and a beta of 0.63. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The firm 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 52-week low of $5.10 and a 52-week high of $13.08.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PTEN shares. Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. JPMorgan Chase & Co. raised 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 report on Friday, July 31st. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Finally, Royal Bank Of Canada upped their price objective 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 issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

About Patterson-UTI Energy

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.