Y Intercept Hong Kong Ltd Sells 116,818 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Y Intercept Hong Kong Ltd cut its Patterson-UTI Energy stake by 40.2% in the first quarter, selling 116,818 shares and leaving it with 173,716 shares valued at about $1.88 million.
• Several analysts adjusted price targets and ratings on PTEN, with firms like Stifel Nicolaus and Goldman Sachs raising targets, while the overall consensus rating remains Hold with an average price target of $12.15.
• Insider selling has been notable, including recent sales by the CAO and CEO; over the last 90 days, insiders sold 1,007,844 shares worth $11.9 million, while the stock traded at $9.40 and the company also paid a $0.10 quarterly dividend.

Y Intercept Hong Kong Ltd decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 40.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 173,716 shares of the oil and gas company's stock after selling 116,818 shares during the period. Y Intercept Hong Kong Ltd's holdings in Patterson-UTI Energy were worth $1,881,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Quarry LP boosted its position in shares of 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 purchasing an additional 3,862 shares in the last quarter. First Horizon Corp boosted its holdings 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 valued at $34,000 after buying an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after buying an additional 4,299 shares during the period. Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $44,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PTEN shares. Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. The Goldman Sachs Group raised their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Piper Sandler lifted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Zacks Research downgraded Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.15.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% 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, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $9.40 on Friday. The firm has a market cap of $3.57 billion, a P/E ratio of -30.32 and a beta of 0.62. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average of $11.04 and a 200 day moving average of $9.54.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted 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. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company's revenue was down 12.7% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.14 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 4.3%. Patterson-UTI Energy's payout ratio is -129.03%.

Patterson-UTI Energy 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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