HighTower Advisors LLC Purchases 5,579 Shares of Patterson-UTI Energy, Inc. $PTEN

HighTower Advisors LLC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 29.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,411 shares of the oil and gas company’s stock after acquiring an additional 5,579 shares during the period. HighTower Advisors LLC’s holdings in Patterson-UTI Energy were worth $201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PTEN. Dimensional Fund Advisors LP grew its stake in shares of Patterson-UTI Energy by 693.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company’s stock worth $16,105,000 after buying an additional 1,704,087 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Patterson-UTI Energy by 156.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,407 shares of the oil and gas company’s stock worth $127,000 after acquiring an additional 9,394 shares in the last quarter. Northern Trust Corp lifted its stake in Patterson-UTI Energy by 4.1% in the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock valued at $35,426,000 after buying an additional 170,417 shares during the period. Comerica Bank lifted its position in shares of Patterson-UTI Energy by 21.0% during the 4th quarter. Comerica Bank now owns 383,281 shares of the oil and gas company’s stock valued at $3,166,000 after acquiring an additional 66,433 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of Patterson-UTI Energy by 125.2% during the 4th quarter. Jane Street Group LLC now owns 283,096 shares of the oil and gas company’s stock worth $2,338,000 after purchasing an additional 1,404,307 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a “neutral” rating and a $7.00 price target for the company. Morgan Stanley decreased their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, May 16th. Barclays lowered 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 research report on Tuesday, July 29th. Susquehanna dropped their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday. Finally, 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 for the company in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $7.90.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $5.83 on Friday. The firm has a market cap of $2.25 billion, a PE ratio of -2.11 and a beta of 1.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.57. 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 business has a 50 day moving average price of $5.86 and a 200-day moving average price of $6.40.

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

Patterson-UTI Energy Announces Dividend

The business 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 dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. Patterson-UTI Energy’s payout ratio is currently -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.