Edgestream Partners L.P. Buys New Stake in Patterson-UTI Energy, Inc. $PTEN

Edgestream Partners L.P. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 288,303 shares of the oil and gas company’s stock, valued at approximately $1,710,000. Edgestream Partners L.P. owned approximately 0.07% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $25,987,000. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after buying an additional 2,746,159 shares in the last quarter. Nuveen LLC acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $22,563,000. Monaco Asset Management SAM lifted its position in shares of Patterson-UTI Energy by 694.8% during the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock valued at $18,146,000 after buying an additional 2,675,000 shares in the last quarter. Finally, Trexquant Investment LP lifted its position in shares of Patterson-UTI Energy by 432.7% during the 1st quarter. Trexquant Investment LP now owns 1,990,688 shares of the oil and gas company’s stock valued at $16,363,000 after buying an additional 1,617,019 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective 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. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Barclays reaffirmed 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday. Finally, Susquehanna decreased their target price on 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 investment 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.39.

Patterson-UTI Energy Stock Performance

PTEN opened at $6.32 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.57. The firm has a market capitalization of $2.40 billion, a PE ratio of -17.56 and a beta of 0.77. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $5.91 and its 200 day moving average price is $5.86.

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

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a yield of 5.1%. Patterson-UTI Energy’s payout ratio is -88.89%.

Patterson-UTI Energy 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.