Cwm LLC Purchases 64,383 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CWM LLC raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 587.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,341 shares of the oil and gas company's stock after buying an additional 64,383 shares during the quarter. CWM LLC's holdings in Patterson-UTI Energy were worth $619,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PTEN. New York State Common Retirement Fund increased its stake in Patterson-UTI Energy by 0.7% during the first quarter. New York State Common Retirement Fund now owns 1,465,001 shares of the oil and gas company's stock worth $12,042,000 after purchasing an additional 10,124 shares during the period. Xponance Inc. boosted its position in shares of Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock worth $245,000 after purchasing an additional 2,057 shares in the last quarter. Sage Rhino Capital LLC grew its position in shares of Patterson-UTI Energy by 18.4% in the first quarter. Sage Rhino Capital LLC now owns 16,644 shares of the oil and gas company's stock valued at $137,000 after purchasing an additional 2,585 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Patterson-UTI Energy by 1.9% during the 1st quarter. Cerity Partners LLC now owns 1,346,541 shares of the oil and gas company's stock worth $11,069,000 after purchasing an additional 25,345 shares during the period. Finally, Quotient Wealth Partners LLC acquired a new position in Patterson-UTI Energy in the first quarter valued at $239,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded down $0.07 during mid-day trading on Thursday, reaching $6.10. 12,488,138 shares of the company were exchanged, compared to its average volume of 9,435,540. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.07. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The firm's 50-day simple moving average is $6.04 and its two-hundred day simple moving average is $7.03. The firm has a market cap of $2.35 billion, a PE ratio of -2.21 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.92%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company earned $0.03 EPS. The company's quarterly revenue was down 9.6% compared to the same quarter last year. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Analyst Ratings Changes

PTEN has been the topic of a number of analyst reports. Susquehanna dropped 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 report on Wednesday, June 4th. Citigroup restated a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. Morgan Stanley decreased their target price 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. Piper Sandler started coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Hold" and a consensus target price of $8.77.

Insiders Place Their Bets

In other Patterson-UTI Energy 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 completion of the sale, the director owned 999,754 shares of the company's stock, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.40% of the company's stock.

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.