Hsbc Holdings PLC Acquires Shares of 172,117 Patterson-UTI Energy, Inc. $PTEN

Key Points

• HSBC Holdings initiated a position in Patterson-UTI Energy by purchasing 172,117 shares worth approximately $1.59 million during the second quarter. Institutional investors and hedge funds collectively own 97.91% of PTEN.
• Patterson-UTI declared a quarterly dividend of $0.10 per share, equal to $0.40 annually and a 3.2% yield. The dividend is payable September 15 to shareholders of record on September 1.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $12.95. However, insiders sold 420,670 shares worth about $4.88 million over the past three months.

Hsbc Holdings PLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 172,117 shares of the oil and gas company's stock, valued at approximately $1,588,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. Canada Pension Plan Investment Board acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth about $2,914,000. Legal & General Group Plc purchased a new stake in shares of Patterson-UTI Energy in the second quarter worth about $8,368,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Patterson-UTI Energy in the second quarter worth about $2,675,000. Webs Creek Capital Management LP acquired a new stake in Patterson-UTI Energy during the second quarter worth about $53,729,934. Finally, Sanctuary Advisors LLC acquired a new position in Patterson-UTI Energy in the second quarter valued at approximately $162,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $12.43 on Monday. 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 firm has a fifty day moving average of $10.30 and a 200 day moving average of $10.47. The firm has a market cap of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08.

Patterson-UTI Energy Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Susquehanna raised their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research note on Monday, August 3rd. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Piper Sandler reaffirmed an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and an average price target of $12.95.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 207,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated 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 sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is owned by corporate insiders.

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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