Vanguard Discloses 9.9% Stake in Patterson-UTI Energy

TL;DR

**Vanguard still owns nearly 10% of Patterson-UTI Energy, showing continued institutional confidence.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership in Patterson-UTI Energy Inc. As of December 29, 2023, Vanguard reported beneficial ownership of 20,950,296 shares of Patterson-UTI Energy's Common Stock. This represents a significant 9.9% stake in the oil and gas drilling company, indicating Vanguard's continued confidence or strategic positioning in the energy sector. For investors, this filing shows that a large institutional investor maintains a substantial holding, which can be seen as a vote of confidence, but also means a large block of shares is held by a single entity, potentially influencing future stock movements.

Why It Matters

This filing confirms Vanguard's substantial, albeit slightly reduced, ownership in Patterson-UTI Energy, signaling institutional interest and potentially influencing investor sentiment and stock stability.

Risk Assessment

Risk Level: low — The filing indicates a stable, large institutional ownership, which generally reduces volatility and provides a degree of market confidence.

Analyst Insight

Investors should note Vanguard's continued substantial holding, which suggests long-term institutional interest in Patterson-UTI Energy. While not a direct buy signal, it indicates a level of stability and confidence from a major fund manager.

Key Numbers

• 20,950,296 — Shares Beneficially Owned (The total number of Common Stock shares of Patterson-UTI Energy Inc. held by The Vanguard Group as of December 29, 2023.)
• 9.9% — Percentage of Class (The percentage of Patterson-UTI Energy Inc.'s Common Stock beneficially owned by The Vanguard Group, indicating a significant institutional stake.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Patterson-UTI Energy Inc (company) — subject company, drilling oil & gas wells
• 20,950,296 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 9.9% (dollar_amount) — percentage of class beneficially owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

• Vanguard will maintain a significant, but potentially slightly adjusted, stake in Patterson-UTI Energy Inc. over the next year. (The Vanguard Group) — high confidence, target: 2025-02-13

FAQ

Filing Documents

• tv01662-pattersonutienergyin.htm (SC 13G/A) — 11KB
• 0001104659-24-021676.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Patterson-UTI Energy Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 10713 West Sam Houston Parkway North, Suite 800 Houston, TX 77064

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 703481101

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR