Pictet Asset Management Holding SA Grows Position in Patterson-UTI Energy, Inc. $PTEN

Pictet Asset Management Holding SA lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 686.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 475,726 shares of the oil and gas company’s stock after purchasing an additional 415,209 shares during the quarter. Pictet Asset Management Holding SA owned about 0.13% of Patterson-UTI Energy worth $5,152,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP raised its holdings in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $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. boosted its holdings in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares in the last quarter. 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 grew its position 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 buying an additional 7,171 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Citigroup lowered their price target 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. Susquehanna upped their price objective on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Piper Sandler raised their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 27th. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Eight equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $12.35.

Patterson-UTI Energy Price Performance

PTEN opened at $8.66 on Friday. The stock has a 50-day moving average price of $11.22 and a 200-day moving average price of $9.42. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The firm has a market cap of $3.29 billion, a PE ratio of -27.93 and a beta of 0.62. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 12.7% compared to the same quarter last year. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Insider Activity

In related 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 transaction of $738,929.50. Following the completion of the sale, the director owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction 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. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Company insiders own 2.20% of the company’s stock.

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.