Bank of New York Mellon Corp Has $41.83 Million Holdings in Patterson-UTI Energy, Inc. $PTEN

Bank of New York Mellon Corp cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,862,291 shares of the oil and gas company’s stock after selling 100,659 shares during the quarter. Bank of New York Mellon Corp’s holdings in Patterson-UTI Energy were worth $41,829,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in shares of Patterson-UTI Energy during the first quarter valued at about $122,000. Bleakley Financial Group LLC bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at approximately $219,000. Archer Investment Corp bought a new stake in shares of Patterson-UTI Energy in the first quarter valued at $412,000. Principal Financial Group Inc. raised its stake in Patterson-UTI Energy by 11.0% in the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after acquiring an additional 934,766 shares during the period. Finally, Fifth Third Bancorp raised its stake in Patterson-UTI Energy by 8,921.1% in the 1st quarter. Fifth Third Bancorp now owns 364,543 shares of the oil and gas company’s stock valued at $3,948,000 after acquiring an additional 360,502 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This trade represents a 5.16% 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 Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The stock was 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 in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research reports. Stifel Nicolaus increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $10.00 to $15.00 in a research note on Thursday, May 7th. Citigroup cut 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 report on Monday, June 29th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a report on Monday, April 20th. Finally, The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.15.

Patterson-UTI Energy Stock Down 1.4%

PTEN opened at $10.20 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The business’s 50-day moving average price is $10.61 and its 200-day moving average price is $9.82. The company has a market cap of $3.87 billion, a P/E ratio of -32.90 and a beta of 0.62.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly 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. The business had revenue of $1.12 billion for 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 firm’s revenue was down 12.7% on a year-over-year basis. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.06 EPS for the current year.

Key Stories Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks Research raised several longer-term earnings forecasts for Patterson-UTI Energy, including FY2027, FY2028, and multiple 2027–2028 quarterly estimates, suggesting improving profitability expectations over time. PTEN analyst estimate updates
• Positive Sentiment: Analysts also lifted near-term estimates for Q3 2026, Q4 2026, Q1 2027, Q2 2027, Q3 2027 and Q4 2027, which may signal that cost controls and operating leverage are expected to help earnings recover. PTEN estimate revisions
• Neutral Sentiment: The company is set to report Q2 results on July 29, and current expectations call for a narrower loss as lower operating costs offset weaker revenue. PTEN earnings preview
• Negative Sentiment: Despite the estimate increases, Zacks still keeps a Hold rating, and near-term forecasts remain negative for FY2026 and the current full year, which may be limiting investor enthusiasm. PTEN hold rating and forecasts

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.