Envestnet Asset Management Inc. Has $1.04 Million Holdings 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. grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 64.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 126,592 shares of the oil and gas company's stock after acquiring an additional 49,443 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Patterson-UTI Energy were worth $1,041,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PTEN. Sequoia Financial Advisors LLC lifted its position in shares of Patterson-UTI Energy by 14.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock worth $301,000 after buying an additional 4,691 shares during the last quarter. Northern Trust Corp lifted its position in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock worth $35,426,000 after buying an additional 170,417 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Patterson-UTI Energy by 199.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock worth $511,000 after buying an additional 41,418 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Patterson-UTI Energy by 729.8% during the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock worth $1,093,000 after buying an additional 116,982 shares during the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new position in Patterson-UTI Energy in the 4th quarter worth about $3,717,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

PTEN traded down $0.07 during trading on Monday, reaching $5.47. The company's stock had a trading volume of 7,727,764 shares, compared to its average volume of 11,750,319. The firm has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $6.89. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -1.98 and a beta of 1.30. 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 1 year low of $5.12 and a 1 year high of $9.66.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the prior year, the business earned $0.03 EPS. The business's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

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 paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is -11.59%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, the director directly owned 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

PTEN has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Royal Bank Of Canada decreased their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research note on Friday, July 25th. Barclays decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Finally, Citigroup reaffirmed a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus 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.