Hsbc Holdings PLC Trims Stock Position in Patterson-UTI Energy, Inc. $PTEN

Hsbc Holdings PLC decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 61.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PTEN. Royal Bank of Canada increased its position in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after buying an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after acquiring an additional 10,142 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after purchasing an additional 220,422 shares in the last quarter. United Services Automobile Association bought a new position in shares of Patterson-UTI Energy in the first quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after purchasing an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Citigroup dropped their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research note on Monday, June 29th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research note on Monday, April 20th. The Goldman Sachs Group upped their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.15.

Insider Transactions at Patterson-UTI Energy

In other news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction 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 sale, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Down 2.6%

Shares of PTEN opened at $9.17 on Wednesday. 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. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The business’s 50 day simple moving average is $10.47 and its 200-day simple moving average is $9.88.

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.