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ARGA Investment Management LP Increases Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Patterson-UTI Energy logo with Energy background

ARGA Investment Management LP grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 25.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,784,573 shares of the oil and gas company's stock after buying an additional 2,569,713 shares during the period. Patterson-UTI Energy accounts for approximately 3.5% of ARGA Investment Management LP's portfolio, making the stock its 11th largest position. ARGA Investment Management LP owned about 3.31% of Patterson-UTI Energy worth $105,089,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PTEN. Proficio Capital Partners LLC purchased a new position in Patterson-UTI Energy during the fourth quarter worth about $263,000. Smartleaf Asset Management LLC grew its position in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Patterson-UTI Energy by 7.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,810,020 shares of the oil and gas company's stock valued at $47,991,000 after purchasing an additional 379,938 shares during the last quarter. Victory Capital Management Inc. boosted its position in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after acquiring an additional 265,714 shares during the last quarter. Finally, Atria Investments Inc boosted its position in Patterson-UTI Energy by 3.7% during the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after acquiring an additional 1,252 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 2.2%

Patterson-UTI Energy stock opened at $6.17 on Tuesday. The firm has a 50-day moving average price of $5.98 and a two-hundred day moving average price of $7.19. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -2.37 and a beta of 1.32. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.27. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $0.15 EPS. The business's revenue for the quarter was down 15.2% compared to the same quarter last year. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.19%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PTEN shares. Susquehanna cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. JPMorgan Chase & Co. dropped their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Citigroup reaffirmed a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Morgan Stanley dropped 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 report on Friday, May 16th. Finally, Barclays dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $9.50.

Get Our Latest Research Report on Patterson-UTI Energy

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report).

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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