Edmond DE Rothschild Holding S.A. Makes New $13.59 Million Investment in Patterson-UTI Energy, Inc. $PTEN

Edmond DE Rothschild Holding S.A. bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,480,000 shares of the oil and gas company’s stock, valued at approximately $13,586,000. Edmond DE Rothschild Holding S.A. owned 0.39% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PTEN. BlackRock Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $577,234,000. Sourcerock Group LLC grew its position in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after acquiring an additional 5,551,276 shares in the last quarter. UBS Group AG grew its position in Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after acquiring an additional 4,558,445 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PTEN shares. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Susquehanna lifted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Royal Bank Of Canada boosted 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. Piper Sandler raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, July 14th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Insiders Place Their Bets

In related news, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction 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 $4,834,868.81. This represents a 26.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 363,670 shares of company stock valued at $4,212,677. Company insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.06 on Thursday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -52.43 and a beta of 0.63. The stock has a 50 day moving average of $10.10 and a 200-day moving average of $10.28.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

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.