American Century Companies Inc. Boosts Stock Position in Patterson-UTI Energy, Inc. $PTEN

American Century Companies Inc. lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 23.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,463,590 shares of the oil and gas company’s stock after acquiring an additional 2,746,159 shares during the period. American Century Companies Inc. owned approximately 3.76% of Patterson-UTI Energy worth $85,769,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB purchased a new position in Patterson-UTI Energy during the 2nd quarter valued at about $3,847,000. XTX Topco Ltd purchased a new stake in shares of Patterson-UTI Energy in the first quarter worth about $1,296,000. MetLife Investment Management LLC boosted its position in shares of Patterson-UTI Energy by 405.2% in the first quarter. MetLife Investment Management LLC now owns 1,174,959 shares of the oil and gas company’s stock valued at $9,658,000 after acquiring an additional 942,400 shares during the period. Natixis Advisors LLC grew its stake in Patterson-UTI Energy by 161.1% during the first quarter. Natixis Advisors LLC now owns 102,660 shares of the oil and gas company’s stock valued at $844,000 after acquiring an additional 63,348 shares in the last quarter. Finally, Vise Technologies Inc. bought a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $353,000. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PTEN shares. Zacks Research raised shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Susquehanna dropped their price objective 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. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Wednesday, November 19th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.39.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $5.71 on Wednesday. The stock’s 50-day moving average is $5.82 and its 200 day moving average is $5.86. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -15.86 and a beta of 1.22. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57. 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 issued its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The business had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.6%. 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.