Swiss National Bank Lowers Stock Position in Patterson-UTI Energy, Inc. $PTEN

Swiss National Bank lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 717,788 shares of the oil and gas company’s stock after selling 16,700 shares during the quarter. Swiss National Bank owned 0.19% of Patterson-UTI Energy worth $5,900,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $5,755,000. Sterling Capital Management LLC raised its holdings in Patterson-UTI Energy by 821.3% in the fourth quarter. Sterling Capital Management LLC now owns 12,262 shares of the oil and gas company’s stock valued at $101,000 after acquiring an additional 10,931 shares in the last quarter. Townsquare Capital LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $103,000. Summit Investment Advisors Inc. raised its holdings in Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock valued at $336,000 after acquiring an additional 1,596 shares in the last quarter. Finally, Mariner LLC raised its holdings in Patterson-UTI Energy by 13.3% in the fourth quarter. Mariner LLC now owns 184,300 shares of the oil and gas company’s stock valued at $1,522,000 after acquiring an additional 21,642 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Royal Bank Of Canada cut their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating on the stock in a report on Friday, July 25th. Barclays cut their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, July 29th. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a “neutral” rating and a $7.00 target price on the stock. Finally, Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.27.

Patterson-UTI Energy Stock Up 0.2%

Shares of Patterson-UTI Energy stock opened at $5.39 on Tuesday. The stock has a 50-day moving average price of $6.02 and a 200 day moving average price of $6.64. The company has a market cap of $2.08 billion, a P/E ratio of -1.95 and a beta of 1.30. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $9.66.

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 for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the business earned $0.03 earnings per share. As a group, analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

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.