Nuveen LLC Buys New Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

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Nuveen LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,744,901 shares of the oil and gas company's stock, valued at approximately $22,563,000. Nuveen LLC owned approximately 0.71% of Patterson-UTI Energy at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $42,000. Blue Trust Inc. grew 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 valued at $59,000 after buying an additional 2,153 shares in the last quarter. Crestline Management LP acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $85,000. Merit Financial Group LLC acquired a new position in Patterson-UTI Energy during the 1st quarter worth $85,000. Finally, Wedbush Securities Inc. acquired a new position in Patterson-UTI Energy during the 1st quarter worth $85,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on PTEN. Morgan Stanley lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. 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 research note on Friday, July 25th. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Finally, Susquehanna lowered their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $8.27.

Patterson-UTI Energy Stock Up 7.8%

Shares of NASDAQ:PTEN traded up $0.42 on Friday, hitting $5.81. 8,688,655 shares of the company's stock were exchanged, compared to its average volume of 8,286,991. The firm's 50-day moving average is $5.95 and its 200 day moving average is $6.58. The company has a market capitalization of $2.24 billion, a PE ratio of -2.11 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates 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 company's revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 earnings per share. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is currently -11.59%.

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.