Natixis Advisors LLC Purchases 63,348 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

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

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $42,000. Blue Trust Inc. increased its holdings 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. Crestline Management LP bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth $85,000. Merit Financial Group LLC bought a new position in shares of Patterson-UTI Energy in the first quarter worth $85,000. Finally, Wedbush Securities Inc. bought a new position in shares of Patterson-UTI Energy in the first quarter worth $85,000. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research analyst reports. Royal Bank Of Canada reduced their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Susquehanna reduced their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Finally, Citigroup reaffirmed a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $8.27.

Patterson-UTI Energy Trading Down 1.7%

Shares of NASDAQ PTEN traded down $0.10 during trading hours on Friday, hitting $5.52. The company's stock had a trading volume of 1,327,121 shares, compared to its average volume of 11,471,499. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -2.00 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $9.66. The business has a 50-day simple moving average of $6.04 and a 200-day simple moving average of $6.70.

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 (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed 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%.

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.