The Manufacturers Life Insurance Company Makes New $2.67 Million Investment in Patterson-UTI Energy, Inc. $PTEN

The Manufacturers Life Insurance Company acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, Holdings Channel reports. The firm acquired 291,433 shares of the oil and gas company’s stock, valued at approximately $2,675,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Quarry LP increased its stake in shares of 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 worth $26,000 after buying an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at $32,000. Rockefeller Capital Management L.P. grew its stake in shares of 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 in the last quarter. EverSource Wealth Advisors LLC grew its stake 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 worth $51,000 after purchasing an additional 7,171 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd increased its holdings in Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 1,547 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $13.15 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.31. The stock has a market cap of $5.02 billion, a PE ratio of -57.17 and a beta of 0.66. 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 firm has a fifty day moving average price of $10.48 and a 200 day moving average price of $10.57.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.0%. Patterson-UTI Energy’s payout ratio is -173.91%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Royal Bank Of Canada raised 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. Susquehanna boosted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Finally, Barclays upped their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $12.95.

Insider Activity

In other news, Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 420,670 shares of company stock valued at $4,880,957. Insiders own 2.20% of the company’s stock.

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.