UBS Group AG Acquires 4,558,445 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• UBS Group AG boosted its stake in Patterson‑UTI Energy by 121.2% in Q4, buying 4,558,445 shares to hold 8,320,544 shares (about 2.19% of the company) valued at roughly $50.84 million.
• Insiders have been selling: CEO William Andrew Hendricks Jr. sold 250,000 shares (~$2.96M) and director Robert W. Drummond Jr. sold 322,699 shares (~$3.89M), with insiders disposing of 798,949 shares (~$9.26M) in the past 90 days.
• Analyst views are mixed — MarketBeat shows a consensus rating of "Hold" with an average price target of $11.30, though several firms recently raised targets and ratings (e.g., Stifel $14 buy, RBC $14 outperform, Capital One overweight $12).

UBS Group AG grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 121.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,320,544 shares of the oil and gas company's stock after purchasing an additional 4,558,445 shares during the period. UBS Group AG owned approximately 2.19% of Patterson-UTI Energy worth $50,839,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Patterson-UTI Energy by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 17,000,602 shares of the oil and gas company's stock worth $88,065,000 after acquiring an additional 304,718 shares during the last quarter. American Century Companies Inc. increased its stake in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock worth $80,804,000 after acquiring an additional 1,135,704 shares during the last quarter. Sourcerock Group LLC increased its stake in 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 worth $81,856,000 after acquiring an additional 7,205,652 shares during the last quarter. Holocene Advisors LP increased its stake in Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock worth $47,801,000 after acquiring an additional 5,891,956 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after acquiring an additional 4,442,700 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research analyst reports. Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 target price on the stock in a research note on Monday, April 20th. Citigroup increased their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Stifel Nicolaus increased their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 15th. Finally, Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $11.30.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the transaction, the chief executive officer owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the sale, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This represents a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 798,949 shares of company stock worth $9,264,135 in the last 90 days. Company insiders own 2.20% of the company's stock.

Patterson-UTI Energy Stock Up 1.0%

Shares of Patterson-UTI Energy stock opened at $12.41 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $12.62. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -40.03 and a beta of 0.64. The company's 50 day moving average price is $10.27 and its 200-day moving average price is $7.91.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. The business's quarterly revenue was down 12.7% compared to the same quarter last year. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.22 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy's dividend payout ratio (DPR) 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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