Comerica Bank Trims Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Comerica Bank reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 8.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 192,480 shares of the oil and gas company’s stock after selling 16,985 shares during the period. Comerica Bank owned about 0.09% of Patterson-UTI Energy worth $2,899,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Patterson-UTI Energy by 1.4% during the first quarter. BlackRock Inc. now owns 35,469,236 shares of the oil and gas company’s stock valued at $549,064,000 after buying an additional 476,464 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Patterson-UTI Energy by 9.2% in the first quarter. Vanguard Group Inc. now owns 23,989,159 shares of the oil and gas company’s stock worth $371,352,000 after purchasing an additional 2,013,253 shares during the period. Macquarie Group Ltd. boosted its position in shares of Patterson-UTI Energy by 1.6% in the second quarter. Macquarie Group Ltd. now owns 13,463,553 shares of the oil and gas company’s stock worth $212,186,000 after purchasing an additional 215,120 shares during the period. State Street Corp boosted its position in shares of Patterson-UTI Energy by 8.6% in the first quarter. State Street Corp now owns 8,833,700 shares of the oil and gas company’s stock worth $136,746,000 after purchasing an additional 697,141 shares during the period. Finally, Jennison Associates LLC boosted its position in shares of Patterson-UTI Energy by 54.2% in the second quarter. Jennison Associates LLC now owns 4,280,731 shares of the oil and gas company’s stock worth $67,464,000 after purchasing an additional 1,504,062 shares during the period. 96.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, November 1st. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 1st. Barclays upped their price target on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 28th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a research report on Thursday, November 10th. Finally, Piper Sandler upped their target price on shares of Patterson-UTI Energy to $24.00 in a research report on Tuesday, November 1st. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average target price of $21.50.

Insider Activity

In other news, insider James Michael Holcomb sold 16,666 shares of the stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $16.01, for a total value of $266,822.66. Following the sale, the insider now owns 331,443 shares of the company’s stock, valued at $5,306,402.43. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.70% of the company’s stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $17.37 on Tuesday. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -12.15 and a beta of 2.33. The firm’s fifty day moving average is $17.24 and its 200 day moving average is $15.53. The company has a quick ratio of 1.43, a current ratio of 1.55 and a debt-to-equity ratio of 0.52. Patterson-UTI Energy, Inc. has a 52-week low of $8.77 and a 52-week high of $20.53.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last released its quarterly earnings results on Wednesday, October 26th. The oil and gas company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.09. Patterson-UTI Energy had a negative net margin of 13.21% and a negative return on equity of 2.60%. The company had revenue of $727.50 million for the quarter, compared to the consensus estimate of $683.88 million. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post 0.64 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st were paid a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $0.32 annualized dividend and a dividend yield of 1.84%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.04. Patterson-UTI Energy’s dividend payout ratio is currently -22.38%.

Patterson-UTI Energy Profile

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Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

See Also

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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