Bayforest Capital Ltd increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 416.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,477 shares of the oil and gas company's stock after acquiring an additional 101,980 shares during the quarter. Bayforest Capital Ltd's holdings in Patterson-UTI Energy were worth $1,040,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $42,000. State of Wyoming bought a new stake in Patterson-UTI Energy in the 1st quarter valued at $54,000. Blue Trust Inc. boosted 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 purchasing an additional 2,153 shares during the period. Smartleaf Asset Management LLC boosted its stake 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 valued at $65,000 after purchasing an additional 2,323 shares during the period. Finally, Crestline Management LP bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $85,000. 97.91% of the stock is owned by institutional investors and hedge funds.
Patterson-UTI Energy Stock Down 0.4%
NASDAQ:PTEN traded down $0.02 on Friday, hitting $5.54. The stock had a trading volume of 7,745,048 shares, compared to its average volume of 11,141,457. The business's fifty day moving average is $5.81 and its 200 day moving average is $6.29. The company has a market cap of $2.13 billion, a PE ratio of -2.01 and a beta of 1.35. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.57.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $1.24 billion. During the same quarter in the prior year, the business earned $0.03 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.
Patterson-UTI Energy Announces Dividend
The business also recently announced 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 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the company. 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 report on Friday, July 25th. Citigroup reaffirmed a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Piper Sandler initiated coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price on the stock. Barclays cut their target price on 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. Finally, Susquehanna cut their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, September 3rd. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.90.
Get Our Latest Report on Patterson-UTI Energy
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.
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