Deprince Race & Zollo Inc. Boosts Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Deprince Race & Zollo Inc. raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,069,499 shares of the oil and gas company’s stock after purchasing an additional 778,581 shares during the quarter. Patterson-UTI Energy accounts for about 1.4% of Deprince Race & Zollo Inc.’s holdings, making the stock its 9th biggest holding. Deprince Race & Zollo Inc. owned approximately 1.54% of Patterson-UTI Energy worth $62,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC raised its position in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of 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 in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $40,000. Lindbrook Capital LLC boosted its stake in shares of 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 valued at $40,000 after purchasing an additional 1,332 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Bank of America cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Piper Sandler lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. ATB Capital lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. Finally, Citigroup lowered their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Stock Down 4.6 %

PTEN opened at $7.89 on Thursday. 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 firm has a 50 day moving average price of $9.08 and a 200-day moving average price of $10.31. Patterson-UTI Energy, Inc. has a twelve month low of $7.60 and a twelve month high of $15.27. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 11.60 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.06%. Patterson-UTI Energy’s payout ratio is 47.06%.

Patterson-UTI Energy 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.