Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Natixis Advisors LLC

Natixis Advisors LLC lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 161.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,660 shares of the oil and gas company's stock after purchasing an additional 63,348 shares during the quarter. Natixis Advisors LLC's holdings in Patterson-UTI Energy were worth $844,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PTEN. Wells Fargo & Company MN lifted its position in shares of Patterson-UTI Energy by 82.5% during the 4th quarter. Wells Fargo & Company MN now owns 811,010 shares of the oil and gas company's stock valued at $6,699,000 after buying an additional 366,512 shares in the last quarter. Invesco Ltd. increased its stake 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 acquiring an additional 1,351,001 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Patterson-UTI Energy by 467.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,558,199 shares of the oil and gas company's stock worth $12,871,000 after acquiring an additional 1,283,684 shares during the last quarter. Martingale Asset Management L P acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $122,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $5,755,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup reaffirmed a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Piper Sandler began coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price objective for the company. Barclays cut their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Morgan Stanley cut their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Finally, Royal Bank Of Canada dropped their target price on 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy Stock Up 0.3%

PTEN stock traded up $0.02 during trading on Thursday, hitting $5.60. 6,219,761 shares of the company's stock were exchanged, compared to its average volume of 11,523,366. The business has a 50-day moving average price of $6.04 and a two-hundred day moving average price of $6.72. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -2.03 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.66. 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 (NASDAQ:PTEN - Get Free Report) last posted its earnings results 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 business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the firm earned $0.03 EPS. Patterson-UTI Energy's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.7%. Patterson-UTI Energy's payout ratio is currently -11.59%.

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.