265,855 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Lisanti Capital Growth LLC

Lisanti Capital Growth LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 265,855 shares of the oil and gas company's stock, valued at approximately $2,185,000. Lisanti Capital Growth LLC owned approximately 0.07% of Patterson-UTI Energy at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp grew its holdings in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock worth $35,426,000 after purchasing an additional 170,417 shares during the last quarter. Victory Capital Management Inc. lifted its position in Patterson-UTI Energy by 30.2% during the 4th 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 in the last quarter. Lighthouse Investment Partners LLC bought a new stake in Patterson-UTI Energy during the 4th quarter worth about $3,717,000. Ritholtz Wealth Management acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at about $153,000. Finally, Schroder Investment Management Group acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $511,000. Institutional investors own 97.91% of the company's stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director directly owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Trading Up 4.1%

Shares of NASDAQ:PTEN traded up $0.25 during mid-day trading on Wednesday, reaching $6.35. The stock had a trading volume of 10,068,283 shares, compared to its average volume of 10,094,903. The firm has a 50 day simple moving average of $5.96 and a two-hundred day simple moving average of $7.22. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.27. The firm has a market cap of $2.45 billion, a PE ratio of -2.44 and a beta of 1.32. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36.

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

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.04%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's payout ratio is presently -12.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PTEN shares. Morgan Stanley reduced 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. Citigroup reaffirmed a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. JPMorgan Chase & Co. decreased their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. 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 research report on Wednesday, June 4th. Finally, Barclays decreased their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. One investment 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. According to data from MarketBeat, Patterson-UTI Energy has an average rating of "Hold" and an average target price of $9.50.

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.