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

Kahn Brothers Group Inc. purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,663,758 shares of the oil and gas company’s stock, valued at approximately $15,273,000. Patterson-UTI Energy accounts for approximately 0.0% of Kahn Brothers Group Inc.’s investment portfolio, making the stock its 25th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP lifted its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the second quarter worth approximately $32,000. Rockefeller Capital Management L.P. increased its position in shares of Patterson-UTI Energy by 187.6% in 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 acquiring an additional 4,299 shares in the last quarter. Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 494.6% during 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 acquiring an additional 7,171 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction 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 directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction 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 sale, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 420,670 shares of company stock worth $4,880,957 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.26 on Friday. The company has a market capitalization of $4.68 billion, a PE ratio of -53.30 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company’s 50 day moving average price is $10.25 and its 200 day moving average price is $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 business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PTEN shares. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. The Goldman Sachs Group increased 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. Susquehanna raised their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Finally, Stifel Nicolaus lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. One research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

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.