Bank of New York Mellon Corp Acquires Shares of 4,222,833 Patterson-UTI Energy, Inc. $PTEN

Key Points

• Bank of New York Mellon acquired 4.22 million Patterson-UTI Energy shares valued at approximately $38.8 million, representing about 1.11% of the company. Institutional investors collectively own 97.91% of PTEN.
• Analysts have generally turned more positive, with several upgrades and price-target increases; PTEN carries a “Moderate Buy” consensus rating and an average target price of $12.95.
• PTEN shares opened at $12.43, near their 52-week high, while the company declared a quarterly dividend of $0.10 per share, equivalent to a 3.2% annualized yield. Insiders have sold roughly 420,670 shares over the past 90 days.

Bank of New York Mellon Corp purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 4,222,833 shares of the oil and gas company's stock, valued at approximately $38,766,000. Bank of New York Mellon Corp owned about 1.11% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Convergence Investment Partners LLC purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at $1,325,000. Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 92.6% during the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock worth $52,030,000 after buying an additional 4,093,636 shares during the period. Prescott Group Capital Management L.L.C. acquired a new position in Patterson-UTI Energy in the 4th quarter worth $1,161,000. Gagnon Securities LLC lifted its holdings in Patterson-UTI Energy by 69.0% in the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company's stock worth $2,155,000 after buying an additional 144,080 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company's stock valued at $5,457,000 after buying an additional 312,680 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer owned 56,842 shares of the company's stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 420,670 shares of company stock valued at $4,880,957. Insiders own 2.20% of the company's stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of analyst reports. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Susquehanna raised their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research note on Monday, August 3rd. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Finally, Barclays increased their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Stock Up 1.4%

PTEN stock opened at $12.43 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm's 50-day simple moving average is $10.30 and its 200 day simple moving average is $10.46. The stock has a market cap of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -173.91%.

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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