Bank of New York Mellon Corp Sells 26,949 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bank of New York Mellon Corp reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,412,596 shares of the oil and gas company’s stock after selling 26,949 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.14% of Patterson-UTI Energy worth $36,272,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $42,000. Blue Trust Inc. increased its stake in Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock worth $59,000 after buying an additional 2,153 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $85,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 3.8%

PTEN opened at $6.30 on Tuesday. The firm has a market cap of $2.43 billion, a P/E ratio of -2.42 and a beta of 1.32. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.27. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average of $6.03 and a 200 day moving average of $7.16.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The firm’s revenue was down 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.08%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy’s payout ratio is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director owned 999,754 shares of the company’s stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Citigroup restated a “neutral” rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. cut their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 28th. Finally, Susquehanna cut their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating for the company in a research report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.50.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.