Gagnon Securities LLC Increases Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Gagnon Securities LLC increased its stake in Patterson-UTI Energy by 27.2% during the 2nd quarter, owning approximately 0.05% of the company valued at $1.21 million.
• Patterson-UTI Energy's most recent quarterly earnings report showed a loss of ($0.06) EPS, missing estimates and marking a 9.6% year-over-year revenue decline.
• The company announced a quarterly dividend of $0.08, translating to a 5.4% dividend yield for shareholders.

Gagnon Securities LLC increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 27.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 204,395 shares of the oil and gas company's stock after buying an additional 43,705 shares during the period. Gagnon Securities LLC owned about 0.05% of Patterson-UTI Energy worth $1,212,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $54,000. Blue Trust Inc. increased its position 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 valued at $59,000 after purchasing an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Patterson-UTI Energy by 41.0% in 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 purchasing an additional 2,323 shares during the last quarter. Hodges Capital Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $82,000. Finally, Wedbush Securities Inc. purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Patterson-UTI Energy in a research report on Saturday, September 27th. Susquehanna dropped their price objective 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. Barclays dropped their price objective on shares of 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. Zacks Research raised shares of Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. Finally, Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Stock Up 2.1%

Shares of NASDAQ:PTEN opened at $5.93 on Wednesday. The stock has a market cap of $2.28 billion, a P/E ratio of -2.15 and a beta of 1.23. The firm has a fifty day moving average price of $5.56 and a 200 day moving average price of $5.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57.

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 for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -11.59%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.