Deutsche Bank AG Purchases Shares of 376,416 Patterson-UTI Energy, Inc. $PTEN

Key Points

• Deutsche Bank acquired 376,416 shares of Patterson-UTI Energy during the second quarter, valued at approximately $3.46 million and representing about 0.10% of the company. Institutional investors collectively own 97.91% of PTEN.
• Patterson-UTI shares opened at $11.75, with the stock up 2.0%; analysts maintain a consensus “Moderate Buy” rating and an average price target of $12.95.
• The company declared a quarterly dividend of $0.10 per share, or $0.40 annualized, implying a 3.4% yield. Meanwhile, insiders sold 420,670 shares worth approximately $4.88 million over the past three months.

Deutsche Bank AG bought 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 bought 376,416 shares of the oil and gas company's stock, valued at approximately $3,455,000. Deutsche Bank AG owned about 0.10% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PTEN. Sourcerock Group LLC grew its position in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares during the period. UBS Group AG lifted its stake in Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Millennium Management LLC grew its holdings in Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after purchasing an additional 4,442,700 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Patterson-UTI Energy during the second quarter worth about $38,766,000. Institutional investors own 97.91% of the company's stock.

Insiders Place Their Bets

In other news, CAO Forrest C. Robinson sold 13,670 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were 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 in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 420,670 shares of company stock worth $4,880,957 over the last three months. Insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Up 2.0%

Shares of NASDAQ PTEN opened at $11.75 on Thursday. The stock has a market capitalization of $4.48 billion, a P/E ratio of -51.09 and a beta of 0.63. The stock's fifty day moving average is $10.21 and its 200 day moving average is $10.42. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.4%. Patterson-UTI Energy's dividend payout ratio is presently -173.91%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research report on Monday, June 29th. Finally, Barclays boosted their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.95.

Patterson-UTI Energy 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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