Legal & General Group Plc Sells 53,769 Shares of Patterson-UTI Energy, Inc. $PTEN

Legal & General Group Plc trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 994,268 shares of the oil and gas company’s stock after selling 53,769 shares during the quarter. Legal & General Group Plc’s holdings in Patterson-UTI Energy were worth $6,075,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP increased its holdings in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Patterson-UTI Energy in the third quarter worth approximately $37,000. Torren Management LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC increased its holdings 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 worth $51,000 after purchasing an additional 7,171 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

More Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Goldman Sachs raised its price target on Patterson-UTI Energy to $13.00 from $11.00 and maintained a buy rating, reinforcing a more constructive view of the stock. Benzinga article
• Positive Sentiment: Zacks Research lifted earnings estimates across several periods, including FY2026, FY2027, and FY2028, signaling expectations for better long-term earnings trends at Patterson-UTI Energy. MarketBeat report
• Neutral Sentiment: Patterson-UTI Energy reported an average of 92 drilling rigs operating in the United States in May 2026, indicating stable activity but not a major surprise versus recent operating trends. Access Newswire article

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the completion of the sale, the director owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction on 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 sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 958,949 shares of company stock worth $11,107,535. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research analyst reports. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Capital One Financial upgraded 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. Morgan Stanley boosted their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Royal Bank Of Canada boosted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Susquehanna boosted their price objective on Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.30.

Patterson-UTI Energy Trading Down 6.2%

NASDAQ PTEN opened at $11.51 on Friday. The company has a market cap of $4.37 billion, a price-to-earnings ratio of -37.13 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The business has a 50 day moving average price of $11.34 and a 200-day moving average price of $8.83. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

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.