Edmond DE Rothschild Holding S.A. Raises Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Edmond DE Rothschild Holding S.A. increased its stake in Patterson-UTI Energy by 6.0%, owning 2,225,000 shares worth approximately $18.29 million.
• Patterson-UTI Energy shares are trading down 3.8%, with a P/E ratio of -2.00 and a market capitalization of $2.13 billion.
• The company announced a quarterly dividend of $0.08 per share, reflecting an annualized yield of 5.8%, with the dividend payout ratio sitting at -11.59%.

Edmond DE Rothschild Holding S.A. raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,225,000 shares of the oil and gas company's stock after acquiring an additional 125,000 shares during the quarter. Edmond DE Rothschild Holding S.A. owned approximately 0.58% of Patterson-UTI Energy worth $18,290,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $42,000. State of Wyoming acquired a new stake in Patterson-UTI Energy during the first quarter worth about $54,000. Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock valued at $65,000 after acquiring an additional 2,323 shares during the last quarter. Finally, Crestline Management LP acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $85,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PTEN. Royal Bank Of Canada cut 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. JPMorgan Chase & Co. lowered their target price on 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. Barclays lowered their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, July 29th. Susquehanna cut their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, September 3rd. Finally, Piper Sandler assumed coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Hold" and an average target price of $7.90.

Patterson-UTI Energy Trading Down 0.4%

Shares of NASDAQ:PTEN traded down $0.03 during midday trading on Tuesday, hitting $5.60. 3,447,038 shares of the stock traded hands, compared to its average volume of 11,141,385. The business's 50 day moving average is $5.85 and its two-hundred day moving average is $6.32. The stock has a market capitalization of $2.16 billion, a PE ratio of -2.03 and a beta of 1.35. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company posted $0.03 earnings per share. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -11.59%.

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.