Corigliano Investment Advisers LLC Invests $3.29 Million in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Corigliano Investment Advisers LLC has acquired a new position in Patterson-UTI Energy, purchasing 400,000 shares valued at approximately $3.29 million, which represents about 1.5% of its holdings.
• Patterson-UTI Energy's most recent quarterly earnings showed a loss of ($0.06) EPS, falling short of analyst estimates and reflecting a 9.6% revenue decline year-over-year.
• The company announced a quarterly dividend of $0.08 per share, yielding 5.8%, with a payout ratio currently at -11.59%.

Corigliano Investment Advisers LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 400,000 shares of the oil and gas company's stock, valued at approximately $3,288,000. Patterson-UTI Energy accounts for 1.5% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 25th biggest holding. Corigliano Investment Advisers LLC owned 0.10% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy by 25.2% in 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 purchasing an additional 2,569,713 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 21.6% during the 1st quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after buying an additional 2,080,960 shares during the last quarter. Northern Trust Corp boosted its stake 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 valued at $35,426,000 after buying an additional 170,417 shares in the last quarter. Nuveen LLC bought a new position in Patterson-UTI Energy in the first quarter valued at about $22,563,000. Finally, Nuveen Asset Management LLC raised its stake in Patterson-UTI Energy by 66.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock worth $20,704,000 after acquiring an additional 1,000,702 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 0.9%

PTEN traded down $0.05 during trading on Monday, hitting $5.62. The company's stock had a trading volume of 7,800,069 shares, compared to its average volume of 11,186,974. The firm has a market capitalization of $2.16 billion, a P/E ratio of -2.04 and a beta of 1.35. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.57. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The stock's fifty day moving average price is $5.86 and its 200-day moving average price is $6.34.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The company had revenue of $1.22 billion for 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%. The firm's revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.7%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PTEN shares. Morgan Stanley lowered 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 report on Friday, May 16th. Susquehanna dropped their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research note on Wednesday, September 3rd. Stifel Nicolaus reduced their price objective on 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. Barclays dropped their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada reduced their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $7.90.

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.