UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 56,183 Shares of Patterson-UTI Energy, Inc. $PTEN

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 736,884 shares of the oil and gas company’s stock after selling 56,183 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Patterson-UTI Energy were worth $6,765,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PTEN. Lazard Asset Management LLC increased its stake in Patterson-UTI Energy by 6.2% during the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd raised its holdings in Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares during the last quarter. Assetmark Inc. raised its stake in shares of Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 1,786 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Patterson-UTI Energy by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after purchasing an additional 1,915 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the business’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 transaction of $1,530,000.00. Following the completion of the sale, the executive vice president directly owned 404,582 shares in the company, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Stewart sold 207,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 777,000 shares of company stock valued at $9,721,280. 2.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on PTEN shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Susquehanna raised their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research note on Friday, July 31st. Barclays boosted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Finally, The Goldman Sachs Group increased their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average target price of $13.25.

Patterson-UTI Energy Trading Up 1.9%

Patterson-UTI Energy stock opened at $12.66 on Wednesday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.31. The company has a market cap of $4.83 billion, a P/E ratio of -55.04 and a beta of 0.66. 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 business has a 50-day simple moving average of $10.72 and a two-hundred day simple moving average of $10.69.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend on an annualized basis and a dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

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.