Nisa Investment Advisors LLC Lowers Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Nisa Investment Advisors LLC trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 53.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,088 shares of the oil and gas company’s stock after selling 57,529 shares during the period. Nisa Investment Advisors LLC’s holdings in Patterson-UTI Energy were worth $297,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Wyoming purchased a new position in Patterson-UTI Energy in the 1st quarter valued at $54,000. Smartleaf Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after acquiring an additional 2,323 shares in the last quarter. Oak Family Advisors LLC purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $74,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $81,000. Finally, Hodges Capital Management Inc. purchased a new stake in Patterson-UTI Energy in the 1st quarter valued at approximately $82,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PTEN shares. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Piper Sandler assumed coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price target on the stock. Barclays restated an “equal weight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Finally, Susquehanna decreased their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $7.39.

Patterson-UTI Energy Trading Up 2.1%

NASDAQ:PTEN opened at $6.40 on Tuesday. The company has a market capitalization of $2.43 billion, a PE ratio of -17.78 and a beta of 1.23. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $9.57. The stock has a fifty day simple moving average of $5.75 and a 200-day simple moving average of $5.86.

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

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Monday, December 1st. Patterson-UTI Energy’s payout ratio is currently -88.89%.

About Patterson-UTI Energy

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.