Rhumbline Advisers Boosts Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Rhumbline Advisers increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,176,294 shares of the oil and gas company’s stock after purchasing an additional 57,896 shares during the quarter. Rhumbline Advisers owned about 0.30% of Patterson-UTI Energy worth $12,186,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Versor Investments LP grew its holdings in Patterson-UTI Energy by 549.1% during the 2nd quarter. Versor Investments LP now owns 68,800 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 58,200 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in Patterson-UTI Energy during the second quarter valued at approximately $525,000. Rothschild Investment LLC bought a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $336,000. Sage Rhino Capital LLC lifted its stake in Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares in the last quarter. Finally, Hara Capital LLC boosted its holdings in Patterson-UTI Energy by 23.2% in the 2nd quarter. Hara Capital LLC now owns 205,353 shares of the oil and gas company’s stock valued at $2,127,000 after purchasing an additional 38,691 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Down 3.3 %

NASDAQ:PTEN opened at $7.86 on Wednesday. The firm has a market capitalization of $3.09 billion, a P/E ratio of 11.56 and a beta of 2.13. Patterson-UTI Energy, Inc. has a 52 week low of $7.72 and a 52 week 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 company has a fifty day moving average of $9.52 and a 200 day moving average of $10.57.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, research analysts predict that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

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 given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. ATB Capital lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Finally, Susquehanna cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $14.29.

About Patterson-UTI Energy

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.