Pacer Advisors Inc. Acquires Shares of 14,697,369 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,697,369 shares of the oil and gas company’s stock, valued at approximately $152,265,000.

Other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC increased its stake in Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $40,000. Finally, CWM LLC boosted its position in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 893 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 1.5 %

NASDAQ:PTEN opened at $8.37 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $7.60 and a 1 year high of $15.27. The stock’s fifty day moving average price is $9.23 and its two-hundred day moving average price is $10.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company has a market cap of $3.29 billion, a P/E ratio of 12.31 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. As a group, analysts expect that Patterson-UTI Energy, Inc. will post 0.3 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.82%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Analysts Set New Price Targets

PTEN has been the subject of several recent analyst reports. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Barclays dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Morgan Stanley reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Bank of America dropped their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. One investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

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.