Garrett Wealth Advisory Group LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Garrett Wealth Advisory Group LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 62,965 shares of the oil and gas company's stock, valued at approximately $518,000.

A number of other large investors also recently bought and sold shares of PTEN. Proficio Capital Partners LLC acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $263,000. Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,717 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Patterson-UTI Energy by 7.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,810,020 shares of the oil and gas company's stock worth $47,991,000 after acquiring an additional 379,938 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after buying an additional 265,714 shares during the last quarter. Finally, Atria Investments Inc boosted its stake in Patterson-UTI Energy by 3.7% during the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after buying an additional 1,252 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PTEN. Morgan Stanley decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Barclays reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. The Goldman Sachs Group dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Susquehanna dropped their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $9.50.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $6.17 on Tuesday. The firm has a market capitalization of $2.38 billion, a PE ratio of -2.37 and a beta of 1.32. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.40. The business has a 50-day moving average of $5.98 and a two-hundred day moving average of $7.19. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the business posted $0.15 EPS. Patterson-UTI Energy's quarterly revenue was down 15.2% compared to the same quarter last year. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.19%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of the firm's 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 sale, the director directly owned 999,754 shares of the company's stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.30% 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.

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