Point72 Asset Management L.P. Sells 16,149 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 7,510,851 shares of the oil and gas company’s stock after selling 16,149 shares during the period. Point72 Asset Management L.P.’s holdings in Patterson-UTI Energy were worth $77,812,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Fortitude Family Office LLC increased 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 valued at $25,000 after acquiring an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Patterson-UTI Energy by 119.5% in the second 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. Lindbrook Capital LLC raised its position in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy during the 4th quarter worth $40,000. Finally, CWM LLC lifted its holdings in 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 worth $48,000 after buying an additional 893 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.27 on Wednesday. Patterson-UTI Energy, Inc. has a 12 month low of $7.60 and a 12 month high of $15.27. 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 company has a market capitalization of $3.25 billion, a PE ratio of 12.16 and a beta of 2.13. The stock’s fifty day simple moving average is $9.14 and its 200 day simple moving average is $10.33.

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 business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. On average, research analysts predict that Patterson-UTI Energy, Inc. will post 0.29 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PTEN shares. Citigroup lowered their target price on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Piper Sandler reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Morgan Stanley dropped 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. Finally, Barclays reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

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.