Strs Ohio Buys New Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Strs Ohio acquired 127,800 shares of Patterson-UTI Energy, valued at approximately $1,051,000, signaling investor confidence in the oil and gas company.
• Patterson-UTI Energy reported a quarterly EPS of ($0.06), missing estimates, and experienced a 9.6% decrease in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.08 per share, representing a 5.8% yield, with a negative dividend payout ratio of -11.59%.

Strs Ohio bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 127,800 shares of the oil and gas company's stock, valued at approximately $1,051,000.

Several other institutional investors and hedge funds have also made changes to their positions in PTEN. Captrust Financial Advisors acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $88,000. Nuveen Asset Management LLC boosted its position in shares of Patterson-UTI Energy by 66.5% during the 4th quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock worth $20,704,000 after acquiring an additional 1,000,702 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Patterson-UTI Energy by 314.3% during the 4th quarter. Quantinno Capital Management LP now owns 52,408 shares of the oil and gas company's stock worth $433,000 after acquiring an additional 39,758 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Patterson-UTI Energy by 44.7% in the 4th quarter. ProShare Advisors LLC now owns 116,600 shares of the oil and gas company's stock valued at $963,000 after purchasing an additional 36,033 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Patterson-UTI Energy by 9.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 834,275 shares of the oil and gas company's stock valued at $6,891,000 after purchasing an additional 73,184 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays decreased their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Piper Sandler began coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. Susquehanna cut 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. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. cut their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded down $0.18 during mid-day trading on Friday, hitting $5.35. 15,242,487 shares of the company were exchanged, compared to its average volume of 7,426,039. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. The business's 50 day simple moving average is $5.69 and its two-hundred day simple moving average is $6.19. The company has a market capitalization of $2.06 billion, a P/E ratio of -1.94 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 EPS. Analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.0%. Patterson-UTI Energy's payout ratio is currently -11.59%.

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.