Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 989,835 Patterson-UTI Energy, Inc. $PTEN

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 989,835 shares of the oil and gas company’s stock, valued at approximately $9,087,000.

Other hedge funds also recently modified their holdings of the company. Quarry LP grew its stake in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy during the 2nd quarter worth $32,000. Rockefeller Capital Management L.P. raised 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 purchasing 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 about $44,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in 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 buying an additional 7,171 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PTEN shares. Susquehanna upped their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research report on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Finally, Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. One research 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $11.75 on Thursday. 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 business has a 50-day moving average price of $10.21 and a two-hundred day moving average price of $10.42. 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 $4.48 billion, a P/E ratio of -51.09 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 3.4%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The stock was 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 of the company’s stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 420,670 shares of company stock worth $4,880,957 in the last 90 days. Corporate insiders own 2.20% of the company’s stock.

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.