Bank of America Corp DE Boosts Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Bank of America increased its Patterson-UTI Energy stake by 10.9% in the first quarter, adding 475,623 shares to own 4.86 million shares worth approximately $52.6 million. Institutional investors collectively hold 97.91% of PTEN’s outstanding stock.
• Patterson-UTI Energy insiders sold 363,670 shares worth about $4.2 million over the past three months, including significant sales by the CEO and chief accounting officer.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and a $12.95 average price target. The company also declared a quarterly dividend of $0.10 per share, representing a 3.6% annualized yield.

Bank of America Corp DE raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 10.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,855,166 shares of the oil and gas company's stock after acquiring an additional 475,623 shares during the period. Bank of America Corp DE owned approximately 1.28% of Patterson-UTI Energy worth $52,581,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PTEN. Quarry LP raised its holdings 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 purchasing an additional 3,862 shares during the last quarter. First Horizon Corp boosted its holdings in 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 valued at $34,000 after purchasing an additional 2,049 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Patterson-UTI Energy by 187.6% in 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 purchasing an additional 4,299 shares during the last quarter. Torren Management LLC acquired a new stake in Patterson-UTI Energy during the 4th quarter worth about $44,000. Finally, EverSource Wealth Advisors LLC grew its position 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 worth $51,000 after purchasing an additional 7,171 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Buying and Selling

In other news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares of the company's stock, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. Insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $11.06 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a fifty day moving average of $10.13 and a two-hundred day moving average of $10.10. The stock has a market capitalization of $4.22 billion, a PE ratio of -48.09 and a beta of 0.63. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy Announces Dividend

The company 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. This represents a $0.40 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's payout ratio is presently -173.91%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. 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 report on Friday, May 29th. Morgan Stanley upped their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. The Goldman Sachs Group raised their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Finally, Piper Sandler upgraded shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 target price for the company in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $12.95.

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.

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