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

A number of other hedge funds also recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its holdings in Patterson-UTI Energy by 14.7% during the first quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after purchasing an additional 4,691 shares during the period. Northern Trust Corp grew its holdings in Patterson-UTI Energy by 4.1% during 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 purchasing an additional 170,417 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Patterson-UTI Energy by 199.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock valued at $511,000 after purchasing an additional 41,418 shares during the period. Teacher Retirement System of Texas grew its holdings in Patterson-UTI Energy by 729.8% during the first quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock valued at $1,093,000 after purchasing an additional 116,982 shares during the period. Finally, Lighthouse Investment Partners LLC bought a new stake in Patterson-UTI Energy during the fourth quarter valued at about $3,717,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $5.58 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $2.15 billion, a P/E ratio of -2.02 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $9.66. The business's 50-day moving average is $6.04 and its 200 day moving average is $6.72.

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 during the quarter, compared to analysts' expectations of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. Patterson-UTI Energy's quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

Analysts Set New Price Targets

Several research firms have issued reports on PTEN. Susquehanna cut their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Piper Sandler assumed coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective for the company. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. JPMorgan Chase & Co. dropped their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Finally, Morgan Stanley dropped their price objective on 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of "Hold" and an average price target 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.

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