Sei Investments Co. Purchases 144,660 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sei Investments Co. lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 26.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 687,346 shares of the oil and gas company’s stock after acquiring an additional 144,660 shares during the period. Sei Investments Co. owned approximately 0.17% of Patterson-UTI Energy worth $7,121,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its holdings in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC grew its position in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the last quarter. Lindbrook Capital LLC raised its stake in Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,332 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $40,000. Finally, CWM LLC boosted its stake in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PTEN shares. Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Piper Sandler cut 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. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Bank of America dropped their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Finally, Stifel Nicolaus reduced their price target 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $7.62 on Monday. The company has a market capitalization of $3.00 billion, a PE ratio of 11.21 and a beta of 2.13. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $15.23. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The company has a 50 day simple moving average of $8.96 and a two-hundred day simple moving average of $10.24.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.20%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Patterson-UTI Energy Company 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.