Wealth Enhancement Advisory Services LLC Acquires 41,418 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 199.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,188 shares of the oil and gas company’s stock after acquiring an additional 41,418 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Patterson-UTI Energy were worth $511,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PTEN. Stanley Laman Group Ltd. boosted its holdings in shares of Patterson-UTI Energy by 9.9% in the 1st quarter. Stanley Laman Group Ltd. now owns 351,781 shares of the oil and gas company’s stock worth $2,892,000 after buying an additional 31,671 shares during the last quarter. NorthCrest Asset Manangement LLC bought a new stake in Patterson-UTI Energy in the first quarter worth about $117,000. GAMMA Investing LLC raised its position in Patterson-UTI Energy by 102.8% in the first quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company’s stock worth $112,000 after acquiring an additional 6,891 shares during the period. Yousif Capital Management LLC raised its position in Patterson-UTI Energy by 1.8% in the first quarter. Yousif Capital Management LLC now owns 136,849 shares of the oil and gas company’s stock worth $1,125,000 after acquiring an additional 2,378 shares during the period. Finally, Pallas Capital Advisors LLC bought a new stake in Patterson-UTI Energy in the first quarter worth about $252,000. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PTEN has been the topic of a number of research reports. Barclays lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Citigroup restated a “neutral” rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. The Goldman Sachs Group lowered 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. Morgan Stanley lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. Finally, Susquehanna lowered their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating on the stock in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $9.50.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $6.31 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.27. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of -2.43 and a beta of 1.32. The business’s fifty day moving average is $5.97 and its 200 day moving average is $7.20.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the business posted $0.15 earnings per share. The company’s revenue was down 15.2% on a year-over-year basis. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 5,500 shares of the company’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director owned 999,754 shares of the company’s stock, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.40% of the company’s stock.

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.