Patterson-UTI Energy, Inc. $PTEN Shares Sold by Millennium Management LLC

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 reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 SEC filing.

Several other large investors have also modified their holdings of PTEN. Jane Street Group LLC lifted its holdings in shares of Patterson-UTI Energy by 125.2% during the 4th quarter. Jane Street Group LLC now owns 283,096 shares of the oil and gas company's stock worth $2,338,000 after acquiring an additional 1,404,307 shares during the period. Captrust Financial Advisors acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $88,000. Ethic Inc. increased its position in Patterson-UTI Energy by 35.1% during the 4th quarter. Ethic Inc. now owns 24,757 shares of the oil and gas company's stock worth $204,000 after purchasing an additional 6,427 shares in the last quarter. Gotham Asset Management LLC acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $720,000. Finally, Nuveen Asset Management LLC increased its position in Patterson-UTI Energy by 66.5% during the 4th quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock worth $20,704,000 after purchasing an additional 1,000,702 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 3.9%

NASDAQ:PTEN traded up $0.21 during trading hours on Tuesday, hitting $5.62. The stock had a trading volume of 6,127,577 shares, compared to its average volume of 7,517,543. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.57. The business has a 50 day simple moving average of $5.76 and a two-hundred day simple moving average of $6.22. The company has a market cap of $2.16 billion, a PE ratio of -2.04 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $0.03 EPS. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.7%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -11.59%.

Analysts Set New Price Targets

A number of research firms recently issued reports on PTEN. Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday, September 3rd. Royal Bank Of Canada dropped their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target 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.