Patterson-UTI Energy, Inc. $PTEN Stock Holdings Raised by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.0% during the first quarter, HoldingsChannel.com reports. The firm owned 9,450,347 shares of the oil and gas company’s stock after purchasing an additional 934,766 shares during the period. Principal Financial Group Inc.’s holdings in Patterson-UTI Energy were worth $102,347,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PTEN. Quarry LP increased 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 valued at $26,000 after buying an additional 3,862 shares during the last quarter. First Horizon Corp raised its stake in Patterson-UTI Energy by 58.5% during the fourth 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. lifted its holdings in 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 worth $40,000 after buying an additional 4,299 shares during the last quarter. Torren Management LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth approximately $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 acquiring an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated 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 sale, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock worth $11,922,302 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Trading Down 0.2%

NASDAQ:PTEN opened at $9.84 on Thursday. The firm has a market capitalization of $3.74 billion, a P/E ratio of -31.74 and a beta of 0.62. The business has a 50 day simple moving average of $10.85 and a 200 day simple moving average of $9.64. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm 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%.Patterson-UTI Energy’s quarterly revenue was down 12.7% compared to the same quarter last year. Equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.11 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -129.03%.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research analyst reports. Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday. Susquehanna reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. Citigroup lowered their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research note on Monday, June 29th. 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 report on Tuesday, June 16th. Finally, Morgan Stanley raised their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and an average price target of $12.15.

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.