Entropy Technologies LP Sells 259,100 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Entropy Technologies LP reduced its stake in Patterson-UTI Energy by 81.7%, selling 259,100 shares and retaining only 58,022 shares, with holdings valued at $477,000.
• Patterson-UTI Energy reported a loss of ($0.06) EPS for the last quarter, missing analysts' expectations, and revenue fell 9.6% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, representing an annualized yield of 5.7%, with a payout ratio of -11.59%.

Entropy Technologies LP reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 81.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,022 shares of the oil and gas company's stock after selling 259,100 shares during the period. Entropy Technologies LP's holdings in Patterson-UTI Energy were worth $477,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PTEN. Fuller & Thaler Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after acquiring an additional 7,989,877 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Patterson-UTI Energy by 25.2% in the first 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 acquiring an additional 2,569,713 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $14,403,000. Sourcerock Group LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $14,240,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Patterson-UTI Energy by 693.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock valued at $16,105,000 after acquiring an additional 1,704,087 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded up $0.08 during trading on Monday, hitting $5.46. The company had a trading volume of 4,512,404 shares, compared to its average volume of 11,467,840. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The firm has a market capitalization of $2.10 billion, a P/E ratio of -1.97 and a beta of 1.30. The stock's 50-day moving average price is $6.03 and its 200 day moving average price is $6.66. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.66.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.22 billion during 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 quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. Equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is -11.59%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays lowered 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. Citigroup reiterated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. JPMorgan Chase & Co. reduced their price target 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. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday, July 25th. Finally, Royal Bank Of Canada reduced their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.27.

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.