CenterBook Partners LP Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CenterBook Partners LP bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 424,029 shares of the oil and gas company's stock, valued at approximately $3,486,000. CenterBook Partners LP owned 0.11% of Patterson-UTI Energy at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. New Age Alpha Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 13.7% in the 1st quarter. New Age Alpha Advisors LLC now owns 544,983 shares of the oil and gas company's stock valued at $4,480,000 after purchasing an additional 65,876 shares during the period. Ruffer LLP bought a new position in Patterson-UTI Energy in the 1st quarter valued at about $4,278,000. SCP Investment LP bought a new position in Patterson-UTI Energy in the 1st quarter valued at about $230,000. Blueshift Asset Management LLC bought a new position in Patterson-UTI Energy in the 1st quarter valued at about $129,000. Finally, Jefferies Financial Group Inc. bought a new position in Patterson-UTI Energy in the 1st quarter valued at about $522,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $6.20 on Tuesday. The stock has a market capitalization of $2.39 billion, a P/E ratio of -2.38 and a beta of 1.32. The stock has a 50-day moving average price of $6.03 and a 200 day moving average price of $7.16. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results 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 firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The company's revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is -12.31%.

Analysts Set New Price Targets

PTEN has been the subject of several research reports. Morgan Stanley dropped their price objective on shares of 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. Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Finally, Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday. They issued a "neutral" rating and a $7.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $9.08.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was 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 of the company's stock, valued at approximately $5,978,528.92. This trade 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 can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

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.

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.