Millennium Management LLC Has $29.46 Million Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Millennium Management LLC reduced its stake in Patterson-UTI Energy by 14.3%, selling 598,575 shares and now owning approximately $29.46 million of the company's stock.
• Patterson-UTI Energy reported a quarterly earnings miss with an EPS of ($0.06), below the consensus estimate of ($0.04), alongside a 9.6% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.08 per share, reflecting an annual yield of 5.9%, with the ex-dividend date set for September 2nd.

Millennium Management LLC cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 14.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,583,423 shares of the oil and gas company's stock after selling 598,575 shares during the period. Millennium Management LLC owned 0.93% of Patterson-UTI Energy worth $29,456,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Readystate Asset Management LP increased its stake in shares of Patterson-UTI Energy by 4.1% in the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock worth $426,000 after purchasing an additional 2,019 shares during the period. Xponance Inc. increased its stake in shares of Patterson-UTI Energy by 7.4% in the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock worth $245,000 after purchasing an additional 2,057 shares during the period. Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 42.9% in the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after purchasing an additional 2,153 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after purchasing an additional 2,323 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in shares of Patterson-UTI Energy by 1.8% during the 1st quarter. Yousif Capital Management LLC now owns 136,849 shares of the oil and gas company's stock worth $1,125,000 after purchasing an additional 2,378 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.02 during trading hours on Friday, reaching $5.54. 7,745,048 shares of the company were exchanged, compared to its average volume of 7,674,539. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.57. The stock's fifty day moving average is $5.79 and its two-hundred day moving average is $6.27. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -2.01 and a beta of 1.35. 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 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 net margin of 21.49% and a negative return on equity of 1.94%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company's quarterly revenue was down 9.6% on a year-over-year basis. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a yield of 5.8%. Patterson-UTI Energy's dividend payout ratio (DPR) is -11.59%.

Analysts Set New Price Targets

PTEN has been the topic of several research reports. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, September 3rd. Morgan Stanley dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Finally, Stifel Nicolaus dropped their price objective 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. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average target price of $7.90.

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.