Hsbc Holdings PLC Sells 142,660 Shares of Patterson-UTI Energy, Inc. $PTEN

Hsbc Holdings PLC lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 61.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,477 shares of the oil and gas company’s stock after selling 142,660 shares during the quarter. Hsbc Holdings PLC’s holdings in Patterson-UTI Energy were worth $983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $2,206,000. SG Americas Securities LLC boosted its position in Patterson-UTI Energy by 141.3% during the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock valued at $1,123,000 after acquiring an additional 107,638 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at $1,161,000. Principal Financial Group Inc. increased its holdings in shares of Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after acquiring an additional 4,093,636 shares during the period. Finally, Gagnon Securities LLC raised its position in shares of Patterson-UTI Energy by 69.0% in the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after acquiring an additional 144,080 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 2.6%

Patterson-UTI Energy stock opened at $9.17 on Wednesday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The business has a fifty day moving average price of $10.47 and a 200-day moving average price of $9.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -29.58 and a beta of 0.62.

Insider Buying and Selling

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction dated 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 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 trade represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last 90 days. 2.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note 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 target price for the company in a report on Monday, April 20th. Piper Sandler raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, July 14th. Citigroup lowered their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 29th. Finally, Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus price target of $12.15.

Patterson-UTI Energy Company Profile

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.