UBS Group AG Acquires 4,558,445 Shares of Patterson-UTI Energy, Inc. $PTEN

UBS Group AG raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 121.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,320,544 shares of the oil and gas company’s stock after acquiring an additional 4,558,445 shares during the quarter. UBS Group AG’s holdings in Patterson-UTI Energy were worth $50,839,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in 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 valued at $2,197,000 after acquiring an additional 1,915 shares in the last quarter. First Horizon Corp boosted its position in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in Patterson-UTI Energy by 0.4% during the 4th quarter. Wedge Capital Management L L P NC now owns 567,060 shares of the oil and gas company’s stock valued at $3,465,000 after acquiring an additional 2,430 shares in the last quarter. Brucke Financial Inc. boosted its position in Patterson-UTI Energy by 16.6% during the 3rd quarter. Brucke Financial Inc. now owns 22,351 shares of the oil and gas company’s stock valued at $116,000 after acquiring an additional 3,176 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in Patterson-UTI Energy by 127.3% during 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 in the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the sale, the chief executive officer directly owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the completion of the sale, the director owned 1,128,773 shares in the company, valued at $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 798,949 shares of company stock worth $9,264,135 over the last quarter. 2.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PTEN has been the topic of several research reports. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Piper Sandler upped their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, Barclays raised their price target on Patterson-UTI Energy from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and a consensus target price of $11.30.

Patterson-UTI Energy Trading Up 1.0%

Shares of Patterson-UTI Energy stock opened at $12.41 on Wednesday. The company has a fifty day moving average of $10.27 and a 200 day moving average of $7.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $12.62. The company has a market capitalization of $4.71 billion, a P/E ratio of -40.03 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy’s quarterly revenue was down 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -129.03%.

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.