Sei Investments Co. Has $10.47 Million Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Sei Investments increased its Patterson-UTI Energy position by 274.8% in the first quarter, ending with 967,160 shares valued at $10.47 million. Institutional investors collectively own 97.91% of PTEN’s stock.
• Patterson-UTI reported a quarterly loss of $0.05 per share, missing estimates by $0.01, while revenue reached $1.23 billion and rose 0.7% year over year. The company declared a $0.10 quarterly dividend, representing a 3.8% annualized yield.
• Analyst sentiment is broadly positive: PTEN has a “Moderate Buy” consensus rating and an average price target of $12.75 versus a recent price of $10.48. However, insiders sold 435,145 shares worth approximately $5.07 million over the past 90 days.

Sei Investments Co. raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 274.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 967,160 shares of the oil and gas company's stock after purchasing an additional 709,090 shares during the quarter. Sei Investments Co. owned 0.25% of Patterson-UTI Energy worth $10,474,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in shares of Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock valued at $1,397,000 after buying an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock worth $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new position in Patterson-UTI Energy in the 1st quarter valued at about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $10.48 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company's 50 day moving average price is $10.33 and its two-hundred day moving average price is $9.92. The company has a quick ratio of 1.63, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market cap of $3.98 billion, a P/E ratio of -45.57 and a beta of 0.62.

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

Patterson-UTI Energy Dividend Announcement

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

Key Headlines 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

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated 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 owned 56,842 shares of the company's stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $12.02, for a total transaction of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares of the company's stock, valued at $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 435,145 shares of company stock worth $5,074,506. 2.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on PTEN shares. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Susquehanna decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating for the company in a report on Wednesday, July 8th. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $12.75.

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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