CenterBook Partners LP Invests $3.49 Million in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CenterBook Partners LP purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 424,029 shares of the oil and gas company's stock, valued at approximately $3,486,000. CenterBook Partners LP owned approximately 0.11% of Patterson-UTI Energy as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Atria Investments Inc raised its holdings in shares of Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after buying an additional 1,252 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock worth $130,000 after buying an additional 1,436 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Patterson-UTI Energy by 4.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after purchasing an additional 1,596 shares in the last quarter. Gallagher Fiduciary Advisors LLC increased its holdings in Patterson-UTI Energy by 13.2% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 1,731 shares in the last quarter. Finally, Readystate Asset Management LP increased its holdings in Patterson-UTI Energy by 4.1% in the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock worth $426,000 after purchasing an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. 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 report on Friday, May 16th. 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. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Wednesday. Barclays lowered their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $8.77.

Patterson-UTI Energy Trading Down 1.5%

Shares of Patterson-UTI Energy stock traded down $0.09 on Friday, hitting $5.94. 7,547,263 shares of the company's stock traded hands, compared to its average volume of 10,146,523. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one 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 company has a fifty day moving average of $6.07 and a two-hundred day moving average of $7.12. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.28 and a beta of 1.32.

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

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.39%. Patterson-UTI Energy's payout ratio is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.40% of the company's stock.

Patterson-UTI Energy Company 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.