Susquehanna Fundamental Investments LLC Buys 284,163 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Susquehanna Fundamental Investments LLC boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 68.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,712 shares of the oil and gas company’s stock after purchasing an additional 284,163 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Patterson-UTI Energy were worth $7,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Pacer Advisors Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $152,265,000. Balyasny Asset Management L.P. bought a new stake in Patterson-UTI Energy during the fourth quarter worth about $44,872,000. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $24,116,000. Finally, Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $7.62 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $15.23. The firm has a market cap of $3.00 billion, a P/E ratio of 11.21 and a beta of 2.13. The business’s 50 day moving average price is $8.96 and its 200-day moving average price is $10.25.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.41 billion. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.08 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 4.20%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reduced their price objective on 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, Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. One research 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.