Graham Capital Management L.P. Sells 172,685 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Graham Capital Management L.P. significantly reduced its stake in Patterson-UTI Energy, Inc. by 64.9% to 93,273 shares, valued at $767,000.
• Institutional investors collectively own 97.91% of Patterson-UTI Energy's stock, with several firms increasing their positions in the first quarter of 2023.
• Analysts have recently adjusted their price targets for Patterson-UTI Energy, with a consensus price target of $7.90 and a current rating of "Hold".

Graham Capital Management L.P. lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 64.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 93,273 shares of the oil and gas company's stock after selling 172,685 shares during the period. Graham Capital Management L.P.'s holdings in Patterson-UTI Energy were worth $767,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $42,000. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $54,000. Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 42.9% during 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 grew its holdings in shares of Patterson-UTI Energy by 41.0% during 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. Finally, Crestline Management LP acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $85,000. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PTEN shares. Morgan Stanley cut their target price on shares of 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. Royal Bank Of Canada dropped 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. Susquehanna cut their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Stifel Nicolaus cut their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and an average target price of $7.90.

Patterson-UTI Energy Trading Down 2.7%

Shares of Patterson-UTI Energy stock traded down $0.16 during trading on Friday, hitting $5.67. The company's stock had a trading volume of 7,973,694 shares, compared to its average volume of 7,273,730. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -2.05 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.57. The stock has a 50-day moving average price of $5.86 and a two-hundred day moving average price of $6.36. 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 (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) 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 the consensus estimate of $1.24 billion. During the same period in the prior year, the business earned $0.03 earnings per share. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS 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. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -11.59%.

Patterson-UTI Energy 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.