Pictet Asset Management Holding SA Buys 415,209 Shares of Patterson-UTI Energy, Inc. $PTEN

Pictet Asset Management Holding SA lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 686.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 475,726 shares of the oil and gas company’s stock after acquiring an additional 415,209 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Patterson-UTI Energy were worth $5,152,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Holocene Advisors LP raised its stake in Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock valued at $47,801,000 after buying an additional 5,891,956 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after buying an additional 5,551,276 shares during the period. UBS Group AG lifted its holdings in shares of Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after buying an additional 4,558,445 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTEN has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Monday, April 20th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $10.00 to $15.00 in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.35.

Insider Activity at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of the 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 sale, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction that occurred 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 sale, 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 ownership of the stock. 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 in the last quarter. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $8.66 on Friday. The company has a market capitalization of $3.29 billion, a PE ratio of -27.93 and a beta of 0.62. 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 business’s fifty day moving average is $11.22 and its 200 day moving average is $9.42. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarterly revenue 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 year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, June 1st. Patterson-UTI Energy’s payout ratio is presently -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.