Comerica Bank Decreases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Comerica Bank has reduced its holdings in Patterson-UTI Energy by 22.4%, owning 297,416 shares valued at approximately $2.45 million after selling 85,865 shares in the first quarter.
• Several institutional investors have increased their stakes in Patterson-UTI Energy, with ARGA Investment Management raising its position by 25.2% in the same quarter.
• Patterson-UTI Energy reported a loss of ($0.06) earnings per share for the last quarter, missing analysts' estimates, while its revenue decreased by 9.6% year-over-year.

Comerica Bank lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 22.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 297,416 shares of the oil and gas company's stock after selling 85,865 shares during the quarter. Comerica Bank owned 0.08% of Patterson-UTI Energy worth $2,445,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. ARGA Investment Management LP raised its position in shares of Patterson-UTI Energy by 25.2% during the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after buying an additional 2,569,713 shares in the last quarter. American Century Companies Inc. increased its stake in Patterson-UTI Energy by 21.6% during the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after acquiring an additional 2,080,960 shares during the last quarter. Northern Trust Corp raised its position in Patterson-UTI Energy by 4.1% during the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after purchasing an additional 170,417 shares during the period. Nuveen LLC purchased a new stake in Patterson-UTI Energy during the first quarter valued at approximately $22,563,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of Patterson-UTI Energy by 66.5% in the 4th quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock valued at $20,704,000 after purchasing an additional 1,000,702 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PTEN shares. 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. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. Piper Sandler initiated coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Citigroup restated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. Finally, Morgan Stanley cut their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.27.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $5.81 on Tuesday. The company has a 50 day moving average price of $5.87 and a 200-day moving average price of $6.43. The company has a market capitalization of $2.24 billion, a PE ratio of -2.11 and a beta of 1.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week 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 firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. As a group, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -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.

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