Principal Financial Group Inc. Has $22.43 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Principal Financial Group Inc. lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,332,051 shares of the oil and gas company’s stock after selling 9,492 shares during the quarter. Principal Financial Group Inc. owned about 0.61% of Patterson-UTI Energy worth $22,432,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Versant Capital Management Inc lifted its stake in shares of Patterson-UTI Energy by 86.8% during the fourth quarter. Versant Capital Management Inc now owns 2,053 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 954 shares during the period. Ronald Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 65.3% during the fourth quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 871 shares during the period. CWM LLC lifted its stake in shares of Patterson-UTI Energy by 194.6% during the third quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,469 shares during the period. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy in the third quarter valued at about $27,000. Finally, Rockefeller Capital Management L.P. lifted its stake in Patterson-UTI Energy by 79.7% in the third quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,288 shares during the period. Institutional investors and hedge funds own 96.57% of the company’s stock.

Patterson-UTI Energy Stock Down 2.8 %

NASDAQ:PTEN opened at $10.66 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.47 and a current ratio of 1.60. The company has a market cap of $2.22 billion, a PE ratio of 8.20, a PEG ratio of 0.17 and a beta of 2.28. Patterson-UTI Energy, Inc. has a 52-week low of $9.94 and a 52-week high of $20.53. The stock has a 50-day simple moving average of $11.44 and a 200 day simple moving average of $14.68.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The business had revenue of $791.80 million during the quarter, compared to the consensus estimate of $757.41 million. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. Patterson-UTI Energy’s quarterly revenue was up 55.4% on a year-over-year basis. During the same period last year, the company earned ($0.13) earnings per share. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post 1.73 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.00%. Patterson-UTI Energy’s payout ratio is presently 24.62%.

Analyst Ratings Changes

Several equities analysts have weighed in on PTEN shares. Piper Sandler cut their target price on Patterson-UTI Energy from $24.00 to $19.00 in a research note on Monday, May 1st. Royal Bank of Canada cut their target price on Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Friday, February 10th. Barclays cut their target price on Patterson-UTI Energy from $26.00 to $19.00 in a research note on Tuesday, May 9th. Susquehanna cut their target price on Patterson-UTI Energy from $24.00 to $18.00 in a research note on Monday, April 3rd. Finally, Morgan Stanley cut their target price on Patterson-UTI Energy from $20.00 to $18.00 in a research note on Tuesday, April 18th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.39.

Patterson-UTI Energy Company Profile

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.