Hsbc Holdings PLC Cuts Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hsbc Holdings PLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 39.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 113,644 shares of the oil and gas company’s stock after selling 75,081 shares during the period. Hsbc Holdings PLC’s holdings in Patterson-UTI Energy were worth $1,179,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Quantbot Technologies LP lifted its position in shares of Patterson-UTI Energy by 81.9% in the second quarter. Quantbot Technologies LP now owns 316,210 shares of the oil and gas company’s stock valued at $3,276,000 after acquiring an additional 142,353 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $112,000. American Century Companies Inc. increased its position in Patterson-UTI Energy by 62.8% during 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 purchasing an additional 2,191,330 shares during the last quarter. AdvisorShares Investments LLC purchased a new position in Patterson-UTI Energy during the second quarter worth about $441,000. Finally, Texas Permanent School Fund Corp raised its position in shares of Patterson-UTI Energy by 7.0% during the 2nd quarter. Texas Permanent School Fund Corp now owns 300,936 shares of the oil and gas company’s stock valued at $3,118,000 after buying an additional 19,731 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on PTEN shares. Citigroup decreased their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Piper Sandler dropped 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. Royal Bank of Canada decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Bank of America dropped their target price on shares of 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, ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have issued 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 has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Patterson-UTI Energy Stock Up 1.6 %

Shares of NASDAQ PTEN opened at $7.62 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $7.45 and a 12-month high of $15.23. The stock has a market cap of $3.00 billion, a P/E ratio of 11.21 and a beta of 2.13. 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 business’s fifty day simple moving average is $8.96 and its 200-day simple moving average is $10.25.

Patterson-UTI Energy (NASDAQ:PTEN) last released its 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 return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post 0.29 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.20%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 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.