162,918 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Interval Partners LP

Key Points

• Interval Partners LP has acquired 162,918 shares of Patterson-UTI Energy, valued at approximately $1.34 million, indicating institutional interest in the oil and gas company.
• Analyst ratings for Patterson-UTI Energy reflect a consensus "Hold" with an average target price of $7.90, down from previous estimates set by various brokerages.
• Patterson-UTI Energy recently reported a quarterly loss with an EPS of ($0.06), missing the consensus estimate of ($0.04) and showing a significant annual revenue decline of 9.6%.

Interval Partners LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 162,918 shares of the oil and gas company's stock, valued at approximately $1,339,000.

Several other hedge funds have also recently bought and sold shares of PTEN. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $42,000. State of Wyoming acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $54,000. Blue Trust Inc. lifted its stake in Patterson-UTI Energy by 42.9% in the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after acquiring an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in 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 worth $65,000 after acquiring an additional 2,323 shares during the last quarter. Finally, Crestline Management LP acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $85,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PTEN. Barclays dropped their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Piper Sandler began coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective on the stock. Finally, Susquehanna dropped their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, September 3rd. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and an average price target of $7.90.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.10 during midday trading on Thursday, hitting $5.57. The company had a trading volume of 3,254,466 shares, compared to its average volume of 11,126,931. The company's 50 day simple moving average is $5.82 and its 200 day simple moving average is $6.31. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.57. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -2.02 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its 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). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the business posted $0.03 earnings per share. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. Research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.

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.