127,800 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Strs Ohio

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 Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 127,800 shares of the oil and gas company's stock, valued at approximately $1,051,000.

Several other institutional investors have also modified their holdings of PTEN. State of Wyoming bought a new stake in Patterson-UTI Energy during the first quarter worth approximately $54,000. Blue Trust Inc. increased its stake in Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after buying an additional 2,153 shares during the period. Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after buying an additional 2,323 shares in the last quarter. Wedbush Securities Inc. purchased a new position in Patterson-UTI Energy in the first quarter valued at about $85,000. Finally, Merit Financial Group LLC bought a new position in Patterson-UTI Energy during the first quarter valued at approximately $85,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN traded up $0.04 on Monday, reaching $5.39. The company had a trading volume of 7,135,337 shares, compared to its average volume of 7,753,768. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.57. The stock has a market cap of $2.08 billion, a P/E ratio of -1.95 and a beta of 1.35. The company's fifty day moving average is $5.67 and its 200 day moving average is $6.16. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.Patterson-UTI Energy's quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm posted $0.03 EPS. As a group, analysts predict 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 declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -11.59%.

Analysts Set New Price Targets

A number of research firms have weighed in on PTEN. Royal Bank Of Canada cut their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday, September 3rd. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday, July 25th. Finally, Barclays cut their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.90.

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.