Oppenheimer Asset Management Inc. Acquires Shares of 10,767 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Oppenheimer Asset Management Inc. bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,767 shares of the oil and gas company’s stock, valued at approximately $112,000.

Other hedge funds also recently made changes to their positions in the company. Pingora Partners LLC bought a new position in Patterson-UTI Energy during the fourth quarter worth $245,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after buying an additional 100,626 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Patterson-UTI Energy by 37.8% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock valued at $14,580,000 after buying an additional 370,000 shares during the period. Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after buying an additional 1,554,020 shares during the last quarter. Finally, UniSuper Management Pty Ltd acquired a new stake in Patterson-UTI Energy during the first quarter worth about $990,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research reports. ATB Capital decreased their target price on 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. Bank of America reduced their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Barclays reduced their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Piper Sandler dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One research 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Stock Down 1.5 %

PTEN stock opened at $8.37 on Monday. Patterson-UTI Energy, Inc. has a 52 week low of $7.60 and a 52 week high of $15.27. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 12.31 and a beta of 2.13. The firm’s 50-day moving average is $9.23 and its two-hundred day moving average is $10.38. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last released 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 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 the consensus estimate of $1.41 billion. On average, analysts forecast that Patterson-UTI Energy, Inc. will post 0.3 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. The ex-dividend date 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 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.