Freestone Grove Partners LP Takes $14.76 Million Position in Patterson-UTI Energy, Inc. $PTEN

Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 1,607,903 shares of the oil and gas company’s stock, valued at approximately $14,761,000.

Other institutional investors have also made changes to their positions in the company. Quarry LP raised its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy during the second quarter worth $32,000. Rockefeller Capital Management L.P. boosted its position in Patterson-UTI Energy by 187.6% during the fourth 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 period. Torren Management LLC acquired a new position in shares of Patterson-UTI Energy in the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 4.3%

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

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. 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 is -173.91%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy 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 sale, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $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 three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several research analyst reports. Royal Bank Of Canada increased 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 report on Friday, May 29th. 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 upped their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Stifel Nicolaus raised their price objective 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. Finally, JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research report on Friday, July 31st. One equities research 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.