Ashburton Jersey Ltd Invests $767,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ashburton Jersey Ltd bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, HoldingsChannel reports. The fund bought 76,028 shares of the oil and gas company’s stock, valued at approximately $767,000. Patterson-UTI Energy accounts for about 0.3% of Ashburton Jersey Ltd’s investment portfolio, making the stock its 26th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in PTEN. Fortitude Family Office LLC boosted its holdings in shares of Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $40,000. CWM LLC boosted its holdings in shares of 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 purchasing an additional 893 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $56,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 1.1 %

NASDAQ:PTEN opened at $8.01 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock’s fifty day moving average is $8.82 and its two-hundred day moving average is $10.17. Patterson-UTI Energy, Inc. has a 52 week low of $7.45 and a 52 week high of $14.26. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 11.78 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data 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 company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.29 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PTEN shares. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Citigroup decreased their price objective 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. Piper Sandler decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Finally, Bank of America decreased their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.13.

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.