Bank of New York Mellon Corp Has $41.83 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Bank of New York Mellon Corp trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,862,291 shares of the oil and gas company’s stock after selling 100,659 shares during the period. Bank of New York Mellon Corp owned 1.02% of Patterson-UTI Energy worth $41,829,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Quarry LP lifted its stake 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 period. First Horizon Corp grew its holdings 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 purchasing an additional 2,049 shares during the period. Rockefeller Capital Management L.P. increased its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares in the last quarter. Torren Management LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Key Headlines Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks Research raised several longer-term earnings forecasts for Patterson-UTI Energy, including FY2027, FY2028, and multiple 2027–2028 quarterly estimates, suggesting improving profitability expectations over time. PTEN analyst estimate updates
• Positive Sentiment: Analysts also lifted near-term estimates for Q3 2026, Q4 2026, Q1 2027, Q2 2027, Q3 2027 and Q4 2027, which may signal that cost controls and operating leverage are expected to help earnings recover. PTEN estimate revisions
• Neutral Sentiment: The company is set to report Q2 results on July 29, and current expectations call for a narrower loss as lower operating costs offset weaker revenue. PTEN earnings preview
• Negative Sentiment: Despite the estimate increases, Zacks still keeps a Hold rating, and near-term forecasts remain negative for FY2026 and the current full year, which may be limiting investor enthusiasm. PTEN hold rating and forecasts

Patterson-UTI Energy Trading Down 1.4%

Shares of Patterson-UTI Energy stock opened at $10.20 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of -32.90 and a beta of 0.62. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The firm’s 50-day moving average price is $10.61 and its two-hundred day moving average price is $9.82.

Patterson-UTI Energy (NASDAQ:PTEN) last released 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. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $12.02, for a total transaction of $738,929.50. Following the sale, the director directly owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. The trade was a 5.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on PTEN shares. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research report on Monday, April 20th. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Finally, Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.15.

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.