Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stake Raised by 1832 Asset Management L.P.

1832 Asset Management L.P. boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 279.0% in the second quarter, Holdings Channel reports. The institutional investor owned 655,449 shares of the oil and gas company’s stock after acquiring an additional 482,500 shares during the quarter. 1832 Asset Management L.P.’s holdings in Patterson-UTI Energy were worth $6,790,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Profund Advisors LLC raised its position in Patterson-UTI Energy by 17.1% during the second quarter. Profund Advisors LLC now owns 75,312 shares of the oil and gas company’s stock valued at $780,000 after acquiring an additional 10,976 shares in the last quarter. Sei Investments Co. lifted its position in shares of Patterson-UTI Energy by 26.7% during the 2nd quarter. Sei Investments Co. now owns 687,346 shares of the oil and gas company’s stock worth $7,121,000 after purchasing an additional 144,660 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth approximately $152,265,000. Canada Pension Plan Investment Board acquired a new stake in shares of Patterson-UTI Energy in the second quarter worth $5,234,000. Finally, Intech Investment Management LLC bought a new position in Patterson-UTI Energy during the second quarter worth $626,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 3.0 %

PTEN opened at $8.27 on Wednesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.60 and a fifty-two week high of $15.27. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 12.16 and a beta of 2.13. 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 firm has a 50 day simple moving average of $9.14 and a 200 day simple moving average of $10.33.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.41 billion. On average, sell-side analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PTEN shares. 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. Susquehanna cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. Citigroup reduced their target price on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Bank of America dropped their price target 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. Finally, StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. 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 issued a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy currently has a consensus 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.