Algert Global LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Algert Global LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 133,763 shares of the oil and gas company’s stock, valued at approximately $1,386,000.

Several other hedge funds also recently made changes to their positions in the stock. Ninepoint Partners LP bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $51,800,000. Susquehanna Fundamental Investments LLC boosted its position in shares of Patterson-UTI Energy by 68.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 697,712 shares of the oil and gas company’s stock valued at $7,228,000 after acquiring an additional 284,163 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Patterson-UTI Energy by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 390,617 shares of the oil and gas company’s stock worth $4,047,000 after acquiring an additional 18,337 shares during the period. Deprince Race & Zollo Inc. lifted its stake in Patterson-UTI Energy by 14.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Patterson-UTI Energy by 148.4% in the 2nd quarter. AQR Capital Management LLC now owns 478,405 shares of the oil and gas company’s stock valued at $4,956,000 after purchasing an additional 285,790 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PTEN. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Barclays lowered their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Royal Bank of Canada cut 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. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Bank of America cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Patterson-UTI Energy Trading Up 3.5 %

Shares of PTEN opened at $8.29 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. The firm has a 50 day moving average price of $8.82 and a 200-day moving average price of $10.17. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 12.19 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 for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. As a group, equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced 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 3.86%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is 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.