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

Lisanti Capital Growth LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Fuller & Thaler Asset Management Inc. raised its position in Patterson-UTI Energy by 89.1% during the fourth 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 acquiring an additional 7,989,877 shares during the last quarter. American Century Companies Inc. grew its position in Patterson-UTI Energy by 13.5% during the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock valued at $79,597,000 after acquiring an additional 1,144,094 shares during the period. Norges Bank acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $52,817,000. Invesco Ltd. raised its holdings in shares of Patterson-UTI Energy by 27.8% in the 4th quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock worth $51,279,000 after purchasing an additional 1,351,001 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Patterson-UTI Energy by 7.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,810,020 shares of the oil and gas company's stock valued at $47,991,000 after purchasing an additional 379,938 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.05 during midday trading on Monday, reaching $5.96. 1,461,979 shares of the stock traded hands, compared to its average volume of 10,034,961. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.27. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -2.29 and a beta of 1.31. The firm has a fifty day moving average price of $5.95 and a two-hundred day moving average price of $7.24.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The business's revenue for the quarter was down 15.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. On average, equities 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 business 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 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy 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 transaction, the director now directly owns 999,754 shares in the company, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. reduced their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Barclays decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Finally, Susquehanna reduced their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target 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.