Hara Capital LLC Has $1.13 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hara Capital LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 41.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,674 shares of the oil and gas company's stock after selling 96,433 shares during the quarter. Hara Capital LLC's holdings in Patterson-UTI Energy were worth $1,132,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Patterson-UTI Energy during the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Patterson-UTI Energy in the fourth quarter worth $42,000. Smartleaf Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares during the period. Finally, Blue Trust Inc. increased its stake in 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 worth $59,000 after acquiring an additional 2,153 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Down 1.4%

NASDAQ:PTEN opened at $6.44 on Thursday. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.27. The stock's fifty day moving average is $6.01 and its two-hundred day moving average is $7.18. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -2.46 and a beta of 1.32.

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

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 4.97%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PTEN shares. Stifel Nicolaus reduced their price objective 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. Morgan Stanley reduced their price objective 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. Citigroup restated a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. The Goldman Sachs Group dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Hold" and an average target price of $9.50.

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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