The Manufacturers Life Insurance Company Sells 65,219 Shares of Patterson-UTI Energy, Inc. $PTEN

The Manufacturers Life Insurance Company reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 253,368 shares of the oil and gas company’s stock after selling 65,219 shares during the period. The Manufacturers Life Insurance Company’s holdings in Patterson-UTI Energy were worth $2,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Sourcerock Group LLC increased its position 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 acquiring an additional 7,205,652 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Patterson-UTI Energy by 110.8% in 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 last quarter. UBS Group AG boosted its position in Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Millennium Management LLC grew its stake in shares of Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the period. Finally, Principal Financial Group Inc. grew its stake 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 valued at $52,030,000 after purchasing an additional 4,093,636 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PTEN shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a report on Friday, July 31st. Barclays increased their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Stock Down 1.8%

PTEN stock opened at $9.87 on Friday. The business’s 50-day moving average price is $10.16 and its 200-day moving average price is $10.02. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market cap of $3.76 billion, a P/E ratio of -42.91 and a beta of 0.63. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08.

Patterson-UTI Energy Announces Dividend

The company 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 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 yield of 4.1%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This represents a 26.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 363,670 shares of company stock worth $4,212,677 in the last quarter. 2.20% of the stock is owned by corporate insiders.

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.