Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Vident Advisory LLC

Vident Advisory LLC increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 25.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,241 shares of the oil and gas company’s stock after purchasing an additional 3,097 shares during the period. Vident Advisory LLC’s holdings in Patterson-UTI Energy were worth $125,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. ARGA Investment Management LP grew its stake in Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock worth $105,089,000 after purchasing an additional 2,569,713 shares in the last quarter. American Century Companies Inc. boosted its stake in Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock valued at $96,317,000 after acquiring an additional 2,080,960 shares during the period. Nuveen LLC acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $22,563,000. Nuveen Asset Management LLC boosted its stake in Patterson-UTI Energy by 66.5% in the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company’s stock valued at $20,704,000 after acquiring an additional 1,000,702 shares during the period. Finally, Trexquant Investment LP boosted its stake in Patterson-UTI Energy by 432.7% in the first quarter. Trexquant Investment LP now owns 1,990,688 shares of the oil and gas company’s stock valued at $16,363,000 after acquiring an additional 1,617,019 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Susquehanna decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research note on Wednesday, September 3rd. Barclays decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, July 29th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. 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. Finally, Royal Bank Of Canada decreased their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating for the company in a research note on Friday, July 25th. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $7.90.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $5.47 on Thursday. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $9.57. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -1.98 and a beta of 1.35. The stock’s 50 day moving average price is $5.82 and its 200 day moving average price is $6.31. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results 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 return on equity of 1.94% and a negative net margin of 21.49%.The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $0.03 EPS. Patterson-UTI Energy’s revenue for the quarter was down 9.6% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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