Fidelis Capital Partners LLC Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Fidelis Capital Partners LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,728 shares of the oil and gas company’s stock, valued at approximately $56,000.

Several other hedge funds also recently made changes to their positions in the company. Capstone Investment Advisors LLC bought a new stake in Patterson-UTI Energy in the 1st quarter worth $200,000. Norden Group LLC purchased a new stake in Patterson-UTI Energy during the 1st quarter valued at about $121,000. Allspring Global Investments Holdings LLC grew its position in Patterson-UTI Energy by 10.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock valued at $87,208,000 after purchasing an additional 703,536 shares during the last quarter. Greenleaf Trust purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at about $141,000. Finally, Sage Rhino Capital LLC purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at about $130,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 1.7 %

Shares of PTEN opened at $9.74 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. Patterson-UTI Energy, Inc. has a 1 year low of $9.68 and a 1 year high of $16.17. The company has a 50 day simple moving average of $10.52 and a two-hundred day simple moving average of $10.99. The firm has a market cap of $3.91 billion, a P/E ratio of 14.32 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the firm posted $0.46 EPS. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.56 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Evercore ISI lowered their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Susquehanna reiterated a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Bank of America lowered their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Finally, Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.82.

View Our Latest Stock Report on Patterson-UTI Energy

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

About Patterson-UTI Energy

(Free Report)

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.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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