Jupiter Topco LLC Takes Position in Patterson-UTI Energy, Inc. $PTEN

Jupiter Topco LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 157,921 shares of the oil and gas company’s stock, valued at approximately $1,450,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PTEN. BlackRock Inc. purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth about $577,234,000. Sourcerock Group LLC lifted its holdings in Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Webs Creek Capital Management LP bought a new position in Patterson-UTI Energy during the second quarter worth about $53,729,934. Goldman Sachs Group Inc. boosted its position in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after purchasing an additional 4,442,700 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

More Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

Insider Transactions at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction that occurred on 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 directly owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 790,670 shares of company stock worth $9,885,457. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Trading Down 1.0%

Patterson-UTI Energy stock opened at $12.42 on Friday. The stock has a market cap of $4.74 billion, a P/E ratio of -54.00 and a beta of 0.66. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.31. The firm’s fifty day moving average price is $10.59 and its 200-day moving average price is $10.61. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target 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. Barclays lifted their price objective 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. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

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.