Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stake Cut by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 256,772 shares of the oil and gas company’s stock after selling 55,813 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.06% of Patterson-UTI Energy worth $2,660,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $152,265,000. Balyasny Asset Management L.P. bought a new position in Patterson-UTI Energy during the 4th quarter worth $44,872,000. American Century Companies Inc. increased its position in Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares during the period. Webs Creek Capital Management LP bought a new stake in Patterson-UTI Energy in the first quarter valued at $24,116,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after acquiring an additional 1,847,468 shares during the period. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PTEN. ATB Capital dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Barclays cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Bank of America decreased their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Royal Bank of Canada cut their target price 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, Susquehanna decreased their price target on 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 equities 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $7.65 on Tuesday. Patterson-UTI Energy, Inc. has a twelve month low of $7.45 and a twelve month high of $14.26. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $8.91 and a two-hundred day moving average of $10.21. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 11.25 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 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 analyst estimates of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. As a group, analysts expect that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

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.