Maverick Capital Ltd. Purchases New Holdings in Patterson-UTI Energy, Inc. $PTEN

Maverick Capital Ltd. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 71,533 shares of the oil and gas company’s stock, valued at approximately $775,000.

Several other hedge funds have also recently modified their holdings of the stock. Tudor Investment Corp ET AL acquired a new position in Patterson-UTI Energy during the 3rd quarter worth approximately $2,206,000. SG Americas Securities LLC boosted its stake in shares of Patterson-UTI Energy by 141.3% in the fourth quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock valued at $1,123,000 after buying an additional 107,638 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in Patterson-UTI Energy during the first quarter worth $1,325,000. Prescott Group Capital Management L.L.C. acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $1,161,000. Finally, Principal Financial Group Inc. boosted its position in shares of Patterson-UTI Energy by 92.6% during the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,007,844 shares of company stock worth $11,922,302 in the last three months. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Down 2.6%

Patterson-UTI Energy stock opened at $9.17 on Wednesday. The stock has a 50-day moving average price of $10.47 and a 200 day moving average price of $9.88. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The stock has a market cap of $3.48 billion, a PE ratio of -29.58 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PTEN shares. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Morgan Stanley increased their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. The Goldman Sachs Group upped their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus target price of $12.15.

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.