Principal Financial Group Inc. Has $52.03 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Principal Financial Group nearly doubled its stake in Patterson-UTI Energy in the fourth quarter, buying an additional 4.09 million shares and bringing its holdings to 8.52 million shares worth about $52.03 million.
• Analyst sentiment has turned more positive, with Zacks raising earnings estimates and keeping a Strong-Buy rating, while Barclays upgraded PTEN to overweight and lifted its price target to $15.
• Recent insider activity was negative, as directors Cesar Jaime and Robert Wayne Drummond Jr. sold shares, totaling more than 808,000 shares sold by insiders over the last 90 days.

Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 92.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,515,581 shares of the oil and gas company's stock after purchasing an additional 4,093,636 shares during the period. Principal Financial Group Inc. owned about 2.25% of Patterson-UTI Energy worth $52,030,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Quarry LP boosted its position in Patterson-UTI Energy by 360.3% during the third 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 last quarter. First Horizon Corp boosted its position in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth about $37,000. Finally, Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $44,000. Institutional investors own 97.91% of the company's stock.

Key Headlines Impacting Patterson-UTI Energy

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

• Positive Sentiment: Zacks Research raised earnings estimates across multiple periods, including FY2026-FY2028, and now sees PTEN reaching positive EPS by FY2028. The firm also keeps a Strong-Buy rating, which is a bullish signal for investors. Zacks estimate revisions
• Positive Sentiment: Barclays upgraded Patterson-UTI Energy from equal weight to overweight and lifted its price target to $15, suggesting analysts see further upside from recent levels. Barclays upgrade
• Neutral Sentiment: PTEN reported April drilling activity of 88 average U.S. rigs operating. This indicates steady operations, but it is mostly a routine update and does not by itself change the earnings outlook. Drilling activity report
• Negative Sentiment: Director Cesar Jaime sold 10,000 shares on May 5, which can weigh on sentiment because insider selling sometimes raises questions about management confidence. SEC filing

Insider Buying and Selling

In related news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares in the company, valued at $952,007.98. This trade represents a 11.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction on Friday, May 1st. The stock was sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the transaction, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 in the last 90 days. 2.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on PTEN. Zacks Research raised shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. The Goldman Sachs Group raised their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Royal Bank Of Canada raised their price target on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Piper Sandler raised their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Finally, Morgan Stanley raised their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.80.

Patterson-UTI Energy Stock Up 0.1%

Shares of NASDAQ:PTEN opened at $11.42 on Friday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $12.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company has a market cap of $4.34 billion, a price-to-earnings ratio of -36.84 and a beta of 0.64. The firm has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $7.99.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.21 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's payout ratio is currently -129.03%.

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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