Fifth Third Bancorp Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Fifth Third Bancorp grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8,921.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 364,543 shares of the oil and gas company’s stock after purchasing an additional 360,502 shares during the quarter. Fifth Third Bancorp owned approximately 0.10% of Patterson-UTI Energy worth $3,948,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC bought a new position in shares of Patterson-UTI Energy in the first quarter worth about $116,000. DGS Capital Management LLC grew its stake in shares of Patterson-UTI Energy by 15.2% during the 1st quarter. DGS Capital Management LLC now owns 17,744 shares of the oil and gas company’s stock valued at $192,000 after acquiring an additional 2,338 shares during the period. HB Wealth Management LLC purchased a new stake in Patterson-UTI Energy in the 1st quarter worth approximately $131,000. Strs Ohio increased its holdings in Patterson-UTI Energy by 134.3% in the 1st quarter. Strs Ohio now owns 322,100 shares of the oil and gas company’s stock worth $3,488,000 after acquiring an additional 184,600 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in Patterson-UTI Energy by 686.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock worth $5,152,000 after acquiring an additional 415,209 shares during the period. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PTEN shares. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research report on Monday, April 20th. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Citigroup dropped 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 report on Monday, June 29th. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.15.

Patterson-UTI Energy Price Performance

PTEN stock opened at $10.02 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The firm has a market capitalization of $3.80 billion, a P/E ratio of -32.32 and a beta of 0.62. The company has a fifty day simple moving average of $10.78 and a two-hundred day simple moving average of $9.67. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate 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 firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.08 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -129.03%.

Insider Activity

In other news, COO James Michael Holcomb sold 150,000 shares of the company’s 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director directly owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. The trade was a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Insiders own 2.20% of the company’s stock.

About Patterson-UTI Energy

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.