Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Xponance Inc.

Xponance Inc. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 25,302 shares of the oil and gas company’s stock after purchasing an additional 3,851 shares during the period. Xponance Inc.’s holdings in Patterson-UTI Energy were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Fortitude Family Office LLC lifted its holdings in shares of 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 buying an additional 1,594 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $40,000. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 893 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $56,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $7.92 on Wednesday. Patterson-UTI Energy, Inc. has a 12 month low of $7.45 and a 12 month high of $14.26. The stock has a 50 day moving average of $8.86 and a two-hundred day moving average of $10.19. 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 market cap of $3.18 billion, a P/E ratio of 11.65 and a beta of 2.13.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, analysts expect that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current fiscal 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 given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.04%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Royal Bank of Canada decreased 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. Stifel Nicolaus cut their price target 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. Susquehanna cut 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. Morgan Stanley cut their price target on 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, Piper Sandler cut their price target 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. One equities 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock 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.