Allspring Global Investments Holdings LLC Sells 402,357 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Allspring Global Investments Holdings reduced its stake in Patterson-UTI Energy by 11.2% in the first quarter, selling 402,357 shares and leaving it with 3.2 million shares worth about $33.1 million.
• Insiders were also selling: Director Robert Wayne Drummond, Jr. sold 61,475 shares and Director Cesar Jaime sold 10,000 shares, while insiders sold more than 1 million shares over the last 90 days.
• PTEN posted mixed fundamentals in its latest quarter, beating EPS expectations but reporting a 12.7% year-over-year revenue decline; the stock also pays a $0.10 quarterly dividend, equal to a 4.0% annualized yield.

Allspring Global Investments Holdings LLC cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,199,449 shares of the oil and gas company's stock after selling 402,357 shares during the period. Allspring Global Investments Holdings LLC owned 0.84% of Patterson-UTI Energy worth $33,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. Quarry LP lifted its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp lifted its position in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after buying an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in 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 valued at $40,000 after buying an additional 4,299 shares during the last quarter. Torren Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after buying an additional 7,171 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the completion of the sale, the director directly owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. This represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $10.02 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -32.32 and a beta of 0.62. The firm's 50-day moving average is $10.78 and its 200 day moving average is $9.70.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The business's revenue was down 12.7% on a year-over-year basis. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.08 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.10 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 4.0%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -129.03%.

Analyst Ratings Changes

A number of equities analysts have commented on PTEN shares. Zacks Research cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Piper Sandler upgraded shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 target price on the stock in a research report on Tuesday, July 14th. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Capital One Financial upgraded Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target for the company in a research report on Monday, April 20th. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $12.15.

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.

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