Bernzott Capital Advisors Purchases 104,990 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bernzott Capital Advisors boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 14.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 847,934 shares of the oil and gas company's stock after buying an additional 104,990 shares during the period. Patterson-UTI Energy accounts for 3.4% of Bernzott Capital Advisors' portfolio, making the stock its 10th biggest holding. Bernzott Capital Advisors owned about 0.22% of Patterson-UTI Energy worth $6,970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sequoia Financial Advisors LLC lifted its holdings in Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after acquiring an additional 4,691 shares during the last quarter. Northern Trust Corp increased its holdings in Patterson-UTI Energy by 4.1% in the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock worth $35,426,000 after buying an additional 170,417 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Patterson-UTI Energy by 199.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock worth $511,000 after buying an additional 41,418 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new position in Patterson-UTI Energy in the fourth quarter worth approximately $3,717,000. Finally, Teacher Retirement System of Texas grew its holdings in Patterson-UTI Energy by 729.8% during the first quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock valued at $1,093,000 after purchasing an additional 116,982 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Trading Down 1.4%

Shares of Patterson-UTI Energy stock traded down $0.09 during trading on Friday, hitting $5.95. 1,279,064 shares of the company were exchanged, compared to its average volume of 10,122,324. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.40. The firm has a market capitalization of $2.29 billion, a P/E ratio of -2.29 and a beta of 1.32. The firm's fifty day moving average price is $6.07 and its 200 day moving average price is $7.12.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. Patterson-UTI Energy's revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. As a group, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PTEN. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Wednesday. The Goldman Sachs Group cut their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. cut their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Morgan Stanley lowered their target price on 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, Susquehanna lowered their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.77.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is currently owned by corporate insiders.

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.

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