Vanguard Group Inc. Decreases Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Vanguard trimmed its stake in Patterson-UTI Energy by 1.4% in the fourth quarter, but still held 42.2 million shares worth about $257.9 million, or roughly 11.13% of the company.
• Patterson-UTI reported better-than-expected quarterly earnings, posting EPS of -$0.06 versus the -$0.10 estimate and revenue of $1.12 billion, though sales were still down 12.7% year over year.
• Analyst sentiment remains constructive: Barclays upgraded the stock to overweight with a $15 target, while the company also announced a quarterly dividend of $0.10 per share, yielding about 3.5% annually.

Vanguard Group Inc. decreased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,214,498 shares of the oil and gas company's stock after selling 581,590 shares during the period. Vanguard Group Inc. owned approximately 11.13% of Patterson-UTI Energy worth $257,931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PTEN. Sourcerock Group LLC boosted its position in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Holocene Advisors LP boosted its position in shares of Patterson-UTI Energy by 176.6% in the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock worth $47,801,000 after buying an additional 5,891,956 shares during the period. Millennium Management LLC boosted its position in shares of Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after buying an additional 4,442,700 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Patterson-UTI Energy by 444.2% in the second quarter. BNP Paribas Financial Markets now owns 3,020,212 shares of the oil and gas company's stock worth $17,910,000 after buying an additional 2,465,209 shares during the period. Finally, Schroder Investment Management Group boosted its position in shares of Patterson-UTI Energy by 5,992.0% in the third quarter. Schroder Investment Management Group now owns 2,391,607 shares of the oil and gas company's stock worth $12,723,000 after buying an additional 2,352,349 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Trading Up 0.1%

Shares of PTEN opened at $11.42 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The stock has a 50-day moving average price of $10.39 and a 200 day moving average price of $7.99. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $12.62. The company has a market capitalization of $4.34 billion, a P/E ratio of -36.84 and a beta of 0.64.

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

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders 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 yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -129.03%.

Patterson-UTI Energy News Roundup

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

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the transaction, the chief executive officer owned 2,823,103 shares of the company's stock, valued at $33,453,770.55. This trade represents a 8.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director directly owned 77,462 shares in the company, valued at approximately $952,007.98. This represents a 11.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 808,949 shares of company stock valued at $9,387,035 in the last quarter. Insiders own 2.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. Citigroup upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target for the company in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $11.80.

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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