Envestnet Asset Management Inc. Increases Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• Envestnet Asset Management Inc. increased its holdings in Patterson-UTI Energy by 64.1%, acquiring an additional 49,443 shares during the first quarter, bringing its total to 126,592 shares valued at approximately $1,041,000.
• Patterson-UTI Energy reported Q2 earnings of ($0.06) per share, missing estimates, with revenue down 9.6% year-over-year at $1.22 billion.
• The company declared a quarterly dividend of $0.08 per share, with an annualized yield of 5.8%, to be paid to stockholders on September 15th.

Envestnet Asset Management Inc. boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 64.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 126,592 shares of the oil and gas company's stock after purchasing an additional 49,443 shares during the period. Envestnet Asset Management Inc.'s holdings in Patterson-UTI Energy were worth $1,041,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. grew its holdings in Patterson-UTI Energy by 89.1% during the 4th 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 buying an additional 7,989,877 shares in the last quarter. Norges Bank purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $52,817,000. Invesco Ltd. lifted its holdings in Patterson-UTI Energy by 27.8% during the 4th quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock valued at $51,279,000 after buying an additional 1,351,001 shares in the last quarter. Northern Trust Corp increased its stake in shares of 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 buying an additional 170,417 shares during the period. Finally, Nuveen Asset Management LLC raised its stake in Patterson-UTI Energy by 66.5% in the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock worth $20,704,000 after buying an additional 1,000,702 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 1.0%

Shares of PTEN traded down $0.06 during midday trading on Wednesday, reaching $5.54. The stock had a trading volume of 3,321,514 shares, compared to its average volume of 11,670,844. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. The company's fifty day simple moving average is $6.06 and its two-hundred day simple moving average is $6.85. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -2.01 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.66.

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) earnings per share 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 for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the prior year, the firm posted $0.03 EPS. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced 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. This represents a $0.32 annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is presently -11.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PTEN shares. Susquehanna cut their price target 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 research report on Monday, May 19th. Royal Bank Of Canada dropped their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Finally, The Goldman Sachs Group cut their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. 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 company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $8.27.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction 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 transaction, the director directly owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.40% of the company's stock.

Patterson-UTI Energy Company 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.