Nordea Investment Management AB Invests $3.85 Million in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Nordea Investment Management AB has invested approximately $3.85 million in Patterson-UTI Energy, acquiring about 646,009 shares and holding around 0.17% of the company.
• Patterson-UTI Energy stock recently saw a 4.5% increase, with a current price of $6.03, and has marked a 52-week range between $5.10 and $9.57.
• Several institutional investors, including Sequoia Financial and Teacher Retirement System of Texas, have significantly increased their stakes in Patterson-UTI, indicating strong interest in the company.

Nordea Investment Management AB bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 646,009 shares of the oil and gas company's stock, valued at approximately $3,847,000. Nordea Investment Management AB owned about 0.17% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Sequoia Financial Advisors LLC increased its holdings in Patterson-UTI Energy by 14.7% in the first quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after buying an additional 4,691 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Patterson-UTI Energy by 199.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock valued at $511,000 after buying an additional 41,418 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Patterson-UTI Energy by 729.8% in the first quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock valued at $1,093,000 after buying an additional 116,982 shares during the last quarter. CWM LLC increased its holdings in Patterson-UTI Energy by 587.5% in the first quarter. CWM LLC now owns 75,341 shares of the oil and gas company's stock valued at $619,000 after buying an additional 64,383 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Patterson-UTI Energy by 102.8% in the first quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company's stock valued at $112,000 after buying an additional 6,891 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 4.5%

NASDAQ:PTEN opened at $6.03 on Wednesday. The firm has a market capitalization of $2.32 billion, a PE ratio of -2.18 and a beta of 1.23. The stock has a 50 day moving average of $5.58 and a 200-day moving average of $5.83. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $9.57. 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 Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The company had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Susquehanna lowered their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a report on Wednesday, September 3rd. Tudor Pickering lowered Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, October 17th. Piper Sandler began coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective for the company. Zacks Research raised Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, September 25th. Finally, Royal Bank Of Canada lowered their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $7.80.

About Patterson-UTI Energy

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.

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