Bank of New York Mellon Corp Has $41.13 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bank of New York Mellon Corp increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,969,843 shares of the oil and gas company's stock after purchasing an additional 101,307 shares during the period. Bank of New York Mellon Corp owned 0.99% of Patterson-UTI Energy worth $41,128,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of Patterson-UTI Energy by 7.3% in the 4th quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company's stock worth $943,000 after purchasing an additional 5,915 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Patterson-UTI Energy by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company's stock worth $51,677,000 after acquiring an additional 177,428 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $1,736,000. Teacher Retirement System of Texas boosted its holdings in Patterson-UTI Energy by 11.3% in the fourth quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company's stock valued at $470,000 after purchasing an additional 4,407 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Patterson-UTI Energy by 92.1% during the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company's stock valued at $9,809,000 after purchasing an additional 435,490 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, July 16th. Susquehanna dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating on the stock in a report on Thursday, July 11th. Piper Sandler dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating for the company in a research report on Friday, July 26th. Finally, Bank of America cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.59.

Patterson-UTI Energy Stock Performance

PTEN stock traded down $0.14 during midday trading on Monday, hitting $9.21. The company's stock had a trading volume of 6,754,500 shares, compared to its average volume of 6,869,427. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 13.54 and a beta of 2.18. Patterson-UTI Energy, Inc. has a 1 year low of $8.64 and a 1 year high of $16.17. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock's 50-day moving average price is $9.75 and its 200 day moving average price is $10.72.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.33 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.47%. Patterson-UTI Energy's dividend payout ratio (DPR) is 47.06%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.