Patterson-UTI Energy, Inc. $PTEN Shares Acquired by First Trust Advisors LP

First Trust Advisors LP increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 244.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 568,107 shares of the oil and gas company's stock after acquiring an additional 403,183 shares during the period. First Trust Advisors LP owned about 0.15% of Patterson-UTI Energy worth $6,153,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PTEN. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 3,862 shares during the period. First Horizon Corp grew 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 period. Rockefeller Capital Management L.P. increased its position in shares of 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 buying an additional 4,299 shares in the last quarter. Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of 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 buying an additional 7,171 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares of the company's stock, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 373,670 shares of company stock valued at $4,335,577. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $10.48 on Monday. The firm's 50-day moving average is $10.33 and its two-hundred day moving average is $9.94. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The stock has a market capitalization of $3.98 billion, a P/E ratio of -45.57 and a beta of 0.63.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.15 billion. Patterson-UTI Energy had a negative return on equity of 1.68% and a negative net margin of 1.92%.The company's quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.13) earnings per share. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.06 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy's payout ratio is currently -173.91%.

Analyst Ratings Changes

PTEN has been the subject of several recent analyst reports. Citigroup cut their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a report on Monday, June 29th. Royal Bank Of Canada increased their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Piper Sandler raised 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. Finally, Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and an average target price of $12.75.

Key Stories Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: JPMorgan upgraded PTEN from “underweight” to “neutral” and set a $12 price target, implying further upside from recent trading levels. Benzinga
• Positive Sentiment: Zacks Research raised its rating from “hold” to “strong-buy,” adding to the positive analyst sentiment surrounding the stock. Zacks.com
• Positive Sentiment: Unusually high options activity points to increased bullish interest: investors purchased 8,770 call options, roughly 214% above the typical daily volume.
• Positive Sentiment: The company declared a quarterly dividend of $0.10 per share, equivalent to a roughly 3.9% annualized yield, supporting the stock’s income appeal.
• Positive Sentiment: Second-quarter revenue reached $1.23 billion, exceeding estimates by approximately $80 million and rising modestly year over year. Management’s earnings call also highlighted pricing power. Patterson-UTI Energy Fiscal Q2 Loss Narrows, Revenue Rises

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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