Bayforest Capital Ltd Purchases 101,980 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Bayforest Capital Ltd significantly increased its stake in Patterson-UTI Energy, acquiring an additional 101,980 shares, bringing its total to 126,477 shares worth $1,040,000 as of the end of the first quarter.
• Several large investors have raised their positions in Patterson-UTI Energy, with 97.91% of the stock owned by institutional investors overall.
• Patterson-UTI Energy reported a loss of $0.06 per share for the last quarter, missing estimates, and its revenue dropped 9.6% year-over-year.

Bayforest Capital Ltd lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 416.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 126,477 shares of the oil and gas company's stock after purchasing an additional 101,980 shares during the quarter. Bayforest Capital Ltd's holdings in Patterson-UTI Energy were worth $1,040,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $42,000. State of Wyoming bought a new stake in Patterson-UTI Energy in the first quarter worth about $54,000. Blue Trust Inc. raised its position 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 in the last quarter. Smartleaf Asset Management LLC raised its position 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 in the last quarter. Finally, Crestline Management LP bought a new stake in Patterson-UTI Energy in the fourth quarter worth about $85,000. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PTEN has been the topic of several research reports. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Citigroup reiterated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Stifel Nicolaus dropped their price target 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. Royal Bank Of Canada dropped their price target on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Finally, Susquehanna dropped their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research note on Wednesday, September 3rd. 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.com, the stock presently has an average rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Trading Down 0.4%

PTEN traded down $0.02 during trading on Friday, reaching $5.54. The company had a trading volume of 7,745,048 shares, compared to its average volume of 7,674,539. The firm's 50-day simple moving average is $5.79 and its 200 day simple moving average is $6.26. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -2.01 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.57. 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 issued 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). The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. Patterson-UTI Energy's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. Equities research analysts anticipate 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 will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. Patterson-UTI Energy's dividend payout ratio 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.