Patterson-UTI Energy, Inc. $PTEN Shares Sold by Deutsche Bank AG

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Deutsche Bank AG lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 68.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 390,714 shares of the oil and gas company's stock after selling 856,073 shares during the period. Deutsche Bank AG owned approximately 0.10% of Patterson-UTI Energy worth $3,212,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. Raymond James Financial Inc. acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $5,755,000. Sterling Capital Management LLC boosted its holdings in Patterson-UTI Energy by 821.3% during the 4th quarter. Sterling Capital Management LLC now owns 12,262 shares of the oil and gas company's stock valued at $101,000 after acquiring an additional 10,931 shares during the period. Townsquare Capital LLC purchased a new position in Patterson-UTI Energy during the 4th quarter valued at about $103,000. Summit Investment Advisors Inc. boosted its holdings in Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock valued at $336,000 after acquiring an additional 1,596 shares during the period. Finally, Mariner LLC boosted its holdings in Patterson-UTI Energy by 13.3% during the 4th quarter. Mariner LLC now owns 184,300 shares of the oil and gas company's stock valued at $1,522,000 after acquiring an additional 21,642 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.09 during midday trading on Wednesday, reaching $5.29. 8,341,355 shares of the stock were exchanged, compared to its average volume of 8,920,163. The business's 50-day moving average price is $5.98 and its 200 day moving average price is $6.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.66. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -1.92 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS 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 analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm 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 dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 6.0%. Patterson-UTI Energy's dividend payout ratio is -11.59%.

Analysts Set New Price Targets

PTEN has been the subject of a number of research analyst reports. 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. Piper Sandler initiated coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. Barclays lowered their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Citigroup reiterated a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $8.27.

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.