Hsbc Holdings PLC Invests $1.59 Million in Patterson-UTI Energy, Inc. $PTEN

Hsbc Holdings PLC acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 172,117 shares of the oil and gas company’s stock, valued at approximately $1,588,000.

A number of other hedge funds also recently bought and sold shares of PTEN. Convergence Investment Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at approximately $1,325,000. Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after buying an additional 4,093,636 shares during the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in Patterson-UTI Energy in the 4th quarter valued at $1,161,000. Gagnon Securities LLC grew its holdings in Patterson-UTI Energy by 69.0% in the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after buying an additional 144,080 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock worth $5,457,000 after acquiring an additional 312,680 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 420,670 shares of company stock worth $4,880,957. Insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $12.43 on Monday. The firm has a market cap of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The business’s fifty day simple moving average is $10.30 and its 200-day simple moving average is $10.47.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Royal Bank Of Canada lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. The Goldman Sachs Group upped their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Susquehanna raised their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

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.