Deutsche Bank AG Has $3.21 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Deutsche Bank AG trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 68.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 390,714 shares of the oil and gas company’s stock after selling 856,073 shares during the quarter. Deutsche Bank AG owned about 0.10% of Patterson-UTI Energy worth $3,212,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. New Age Alpha Advisors LLC increased its position in Patterson-UTI Energy by 13.7% during the first quarter. New Age Alpha Advisors LLC now owns 544,983 shares of the oil and gas company’s stock worth $4,480,000 after buying an additional 65,876 shares during the last quarter. Ruffer LLP acquired a new position in Patterson-UTI Energy during the first quarter worth $4,278,000. SCP Investment LP bought a new stake in Patterson-UTI Energy during the first quarter valued at about $230,000. Blueshift Asset Management LLC bought a new stake in Patterson-UTI Energy during the first quarter valued at about $129,000. Finally, Jefferies Financial Group Inc. bought a new stake in Patterson-UTI Energy during the first quarter valued at about $522,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 0.2%

NASDAQ PTEN opened at $5.39 on Tuesday. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The stock has a market cap of $2.08 billion, a PE ratio of -1.95 and a beta of 1.30. The firm has a 50-day simple moving average of $6.02 and a 200 day simple moving average of $6.64.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $0.03 EPS. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy’s dividend payout ratio is -11.59%.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on shares of 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. Barclays decreased their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday, July 29th. JPMorgan Chase & Co. decreased their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Citigroup restated a “neutral” rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. Finally, Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a “neutral” rating and a $7.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.27.

Patterson-UTI Energy 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.