Patterson-UTI Energy, Inc. $PTEN Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,121 shares of the oil and gas company’s stock after selling 6,081 shares during the period. Mutual of America Capital Management LLC’s holdings in Patterson-UTI Energy were worth $268,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. ARGA Investment Management LP raised 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 valued at $105,089,000 after buying an additional 2,569,713 shares in the last quarter. American Century Companies Inc. raised 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 buying an additional 2,080,960 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after buying an additional 220,422 shares in the last quarter. Nuveen LLC acquired a new stake in Patterson-UTI Energy in the first quarter valued at $22,563,000. Finally, Edmond DE Rothschild Holding S.A. grew its holdings in shares of Patterson-UTI Energy by 6.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,225,000 shares of the oil and gas company’s stock worth $18,290,000 after purchasing an additional 125,000 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $6.49 on Thursday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.57. The stock’s 50 day moving average is $5.71 and its two-hundred day moving average is $5.85. The firm has a market capitalization of $2.50 billion, a PE ratio of -18.03 and a beta of 1.23. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million during the quarter. Research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, December 1st. Patterson-UTI Energy’s payout ratio is currently -88.89%.

Analyst Ratings Changes

Several brokerages have issued reports on PTEN. Piper Sandler began coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They set a “neutral” rating and a $7.00 price objective on the stock. Barclays reissued an “equal weight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Susquehanna lowered their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, September 3rd. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Finally, Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.39.

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.