Deutsche Bank AG Invests $3.46 Million in Patterson-UTI Energy, Inc. $PTEN

Deutsche Bank AG bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, HoldingsChannel reports. The firm bought 376,416 shares of the oil and gas company’s stock, valued at approximately $3,455,000.

A number of other large investors have also recently bought and sold shares of PTEN. Quarry LP raised its position in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the second quarter worth approximately $32,000. Rockefeller Capital Management L.P. increased its holdings 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 worth $40,000 after purchasing an additional 4,299 shares in the last quarter. Torren Management LLC acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 7,171 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 420,670 shares of company stock worth $4,880,957. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Stock Up 2.0%

PTEN stock opened at $11.75 on Thursday. The firm has a market capitalization of $4.48 billion, a PE ratio of -51.09 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock’s 50 day moving average is $10.21 and its 200-day moving average is $10.42.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PTEN. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, Barclays raised their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.

Patterson-UTI Energy 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.