Interval Partners LP Invests $1.34 Million in Patterson-UTI Energy, Inc. $PTEN

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 Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 162,918 shares of the oil and gas company's stock, valued at approximately $1,339,000.

A number of other institutional investors also recently modified their holdings of PTEN. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $42,000. State of Wyoming bought a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $54,000. Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 41.0% during the first 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 during the last quarter. Finally, Crestline Management LP bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $85,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 2.1%

NASDAQ:PTEN traded down $0.12 during trading hours on Tuesday, hitting $5.50. The stock had a trading volume of 6,715,368 shares, compared to its average volume of 11,160,285. The business's 50 day moving average is $5.85 and its 200-day moving average is $6.32. 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, Inc. has a one year low of $5.12 and a one year high of $9.57. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -1.99 and a beta of 1.35.

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

Patterson-UTI Energy Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PTEN shares. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target for the company. Stifel Nicolaus dropped their price target on shares of 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. Susquehanna dropped their price target on shares of 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. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of 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 research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $7.90.

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.