Jefferies Financial Group Inc. Purchases Shares of 63,471 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Jefferies Financial Group Inc. bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 63,471 shares of the oil and gas company's stock, valued at approximately $522,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PTEN. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Patterson-UTI Energy by 89.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP lifted its position in shares of Patterson-UTI Energy by 25.2% during the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after buying an additional 2,569,713 shares during the last quarter. Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $14,403,000. Sourcerock Group LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $14,240,000. Finally, Dimensional Fund Advisors LP increased its holdings in Patterson-UTI Energy by 693.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock worth $16,105,000 after acquiring an additional 1,704,087 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Royal Bank Of Canada dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, July 25th. Susquehanna cut 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. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 25th. JPMorgan Chase & Co. cut their price target 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, Piper Sandler assumed coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.08 during trading on Friday, reaching $5.43. The company's stock had a trading volume of 6,673,873 shares, compared to its average volume of 9,226,650. The firm has a fifty day moving average of $6.04 and a 200 day moving average of $6.77. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.66. The stock has a market capitalization of $2.09 billion, a PE ratio of -1.97 and a beta of 1.30. 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 posted its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share 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 during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company posted $0.03 earnings per share. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -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.