Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Tejara Capital Ltd

Tejara Capital Ltd boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 65.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 554,993 shares of the oil and gas company’s stock after acquiring an additional 218,856 shares during the quarter. Patterson-UTI Energy accounts for about 1.5% of Tejara Capital Ltd’s holdings, making the stock its 23rd biggest holding. Tejara Capital Ltd owned 0.15% of Patterson-UTI Energy worth $2,875,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after purchasing an additional 1,915 shares during the last quarter. Brucke Financial Inc. raised its stake in Patterson-UTI Energy by 14.4% in the second quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after buying an additional 2,417 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in Patterson-UTI Energy by 1.8% during the 2nd quarter. Yousif Capital Management LLC now owns 139,341 shares of the oil and gas company’s stock worth $826,000 after buying an additional 2,492 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 43.0% during the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock worth $47,000 after acquiring an additional 2,717 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 3,343 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

PTEN has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Barclays restated an “equal weight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.28.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Trading Down 0.1%

Shares of Patterson-UTI Energy stock opened at $7.53 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -20.92 and a beta of 0.72. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $9.30. The company’s 50-day simple moving average is $6.47 and its 200-day simple moving average is $6.01.

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.