Intech Investment Management LLC Invests $626,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Intech Investment Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 60,445 shares of the oil and gas company’s stock, valued at approximately $626,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Quantbot Technologies LP raised its position in Patterson-UTI Energy by 81.9% in the 2nd quarter. Quantbot Technologies LP now owns 316,210 shares of the oil and gas company’s stock valued at $3,276,000 after purchasing an additional 142,353 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $112,000. American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. AdvisorShares Investments LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $441,000. Finally, Texas Permanent School Fund Corp increased its position in shares of Patterson-UTI Energy by 7.0% in the 2nd quarter. Texas Permanent School Fund Corp now owns 300,936 shares of the oil and gas company’s stock valued at $3,118,000 after purchasing an additional 19,731 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 4.9 %

Shares of NASDAQ:PTEN opened at $7.50 on Friday. Patterson-UTI Energy, Inc. has a 1-year low of $7.45 and a 1-year high of $15.27. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The stock has a market cap of $3.01 billion, a P/E ratio of 11.03 and a beta of 2.13. The firm has a fifty day moving average price of $9.01 and a 200 day moving average price of $10.29.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its 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 for the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.29 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on shares of 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. Stifel Nicolaus dropped 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. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada lowered their price target 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. Finally, Barclays cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.