Bank of America Corp DE Makes New $52.13 Million Investment in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Bank of America purchased 5.68 million shares of Patterson-UTI Energy worth approximately $52.1 million, giving it a 1.49% stake. Institutional investors collectively own 97.91% of the company.
• Patterson-UTI Energy declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a 3.4% yield at the reported share price of $11.78.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $13.25, although company insiders sold 777,000 shares worth about $9.7 million over the past three months.

Bank of America Corp DE purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,678,838 shares of the oil and gas company's stock, valued at approximately $52,132,000. Bank of America Corp DE owned approximately 1.49% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Patterson-UTI Energy during the 2nd quarter worth about $577,234,000. Dimensional Fund Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after purchasing an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 11.0% in the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company's stock valued at $102,347,000 after purchasing an additional 934,766 shares in the last quarter. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the second quarter worth about $53,729,934. Finally, Monaco Asset Management SAM grew its holdings in shares of Patterson-UTI Energy by 116.1% during the fourth quarter. Monaco Asset Management SAM now owns 6,714,355 shares of the oil and gas company's stock worth $41,025,000 after buying an additional 3,607,042 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN opened at $11.78 on Monday. The business has a fifty day simple moving average of $11.27 and a 200 day simple moving average of $10.92. The company has a market capitalization of $4.49 billion, a PE ratio of -51.22 and a beta of 0.66. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. Patterson-UTI Energy's dividend payout ratio is currently -173.91%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Drummond Jr. sold 198,395 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the transaction, the director owned 928,773 shares in the company, valued at $11,934,733.05. This trade represents a 17.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.93, for a total value of $3,232,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,292,474 shares of the company's stock, valued at $29,641,688.82. This represents a 9.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 777,000 shares of company stock worth $9,721,280. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target on the stock in a research report on Friday, July 31st. Susquehanna increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.25.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc NASDAQ: PTEN is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company's offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.

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