Merit Financial Group LLC Makes New $85,000 Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Merit Financial Group LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,398 shares of the oil and gas company’s stock, valued at approximately $85,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $42,000. Smartleaf Asset Management LLC increased its position in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the period. Finally, Kestra Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $85,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 2.8%

NASDAQ:PTEN opened at $6.53 on Friday. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -2.64 and a beta of 1.31. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.27. The stock has a 50-day simple moving average of $5.90 and a 200 day simple moving average of $7.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the company posted $0.15 earnings per share. Patterson-UTI Energy’s revenue was down 15.2% on a year-over-year basis. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.90%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PTEN shares. The Goldman Sachs Group reduced their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Susquehanna cut their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating on the stock in a research report on Wednesday, June 4th. JPMorgan Chase & Co. cut their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 28th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Friday, May 16th. Finally, Barclays lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.50.

Insider Activity

In related news, Director James Carl Stewart sold 5,500 shares of the firm’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director now owns 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.40% of the company’s stock.

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.