Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Position Boosted by Bank of New York Mellon Corp

Posted by Defense World Staff on Mar 10th, 2023

Patterson-UTI Energy logo Bank of New York Mellon Corp boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 3.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,788,900 shares of the oil and gas company’s stock after buying an additional 165,201 shares during the period. Bank of New York Mellon Corp owned 2.21% of Patterson-UTI Energy worth $55,934,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CWM LLC grew its position in Patterson-UTI Energy by 194.6% in the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,469 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 79.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,288 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Patterson-UTI Energy by 24.2% during the 3rd quarter. Quadrant Capital Group LLC now owns 7,361 shares of the oil and gas company’s stock valued at $86,000 after purchasing an additional 1,432 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $120,000. Finally, Waratah Capital Advisors Ltd. bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $122,000. Institutional investors own 96.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PTEN shares. Morgan Stanley reduced their price objective on shares of Patterson-UTI Energy from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, February 13th. StockNews.com upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Friday, February 10th. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $26.00 to $24.00 and set a “positive” rating for the company in a report on Friday, February 10th. Citigroup decreased their target price on shares of Patterson-UTI Energy from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 22nd. Finally, TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a report on Thursday, November 10th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $21.05.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $13.31 on Friday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 18.75, a price-to-earnings-growth ratio of 0.14 and a beta of 2.30. The company has a 50 day simple moving average of $15.66 and a 200-day simple moving average of $15.74. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.51 and a quick ratio of 1.40. Patterson-UTI Energy, Inc. has a 52-week low of $10.69 and a 52-week high of $20.53.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last issued its quarterly earnings data on Wednesday, February 8th. The oil and gas company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $788.50 million for the quarter, compared to analyst estimates of $758.68 million. Patterson-UTI Energy had a net margin of 5.84% and a return on equity of 8.87%. The company’s revenue for the quarter was up 69.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.38) earnings per share. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 1.83 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Investors of record on Thursday, March 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.40%. The ex-dividend date is Wednesday, March 1st. Patterson-UTI Energy’s payout ratio is presently 45.07%.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.