Fifth Third Bancorp Raises Stake in Patterson-UTI Energy, Inc. $PTEN

Fifth Third Bancorp lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8,921.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 364,543 shares of the oil and gas company’s stock after acquiring an additional 360,502 shares during the quarter. Fifth Third Bancorp’s holdings in Patterson-UTI Energy were worth $3,948,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Sequoia Financial Advisors LLC purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $116,000. DGS Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 15.2% in the 1st quarter. DGS Capital Management LLC now owns 17,744 shares of the oil and gas company’s stock valued at $192,000 after buying an additional 2,338 shares during the period. HB Wealth Management LLC purchased a new stake in shares of Patterson-UTI Energy in the first quarter worth about $131,000. Strs Ohio boosted its stake in shares of Patterson-UTI Energy by 134.3% in the first quarter. Strs Ohio now owns 322,100 shares of the oil and gas company’s stock worth $3,488,000 after buying an additional 184,600 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in Patterson-UTI Energy by 686.1% during the first quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock worth $5,152,000 after acquiring an additional 415,209 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, July 14th. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Citigroup decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Hold” and a consensus price target of $12.15.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $10.02 on Friday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. 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 market cap of $3.80 billion, a PE ratio of -32.32 and a beta of 0.62. The stock has a 50 day moving average price of $10.78 and a 200 day moving average price of $9.67.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data 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. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm’s revenue was down 12.7% on a year-over-year basis. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.08 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 4.0%. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Insider Activity at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares of the company’s stock, valued at $952,007.98. This represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock worth $11,922,302 over the last ninety days. Company insiders own 2.20% of the company’s stock.

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.