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

Key Points

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Nuveen LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 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 large investors have also added to or reduced their stakes in the company. Summit Investment Advisors Inc. boosted its holdings in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after purchasing an additional 1,596 shares during the period. Gallagher Fiduciary Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 13.2% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock valued at $123,000 after purchasing an additional 1,731 shares during the last quarter. Readystate Asset Management LP increased its position in shares of Patterson-UTI Energy by 4.1% in the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock valued at $426,000 after acquiring an additional 2,019 shares during the period. Xponance Inc. increased its position in shares of Patterson-UTI Energy by 7.4% in the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock valued at $245,000 after acquiring an additional 2,057 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after acquiring an additional 2,153 shares during the period. Institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective 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. Royal Bank Of Canada reduced their target price on shares of 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. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price on the stock. Barclays dropped their price target on shares of 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. Finally, Susquehanna cut their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $8.27.

Patterson-UTI Energy Trading Up 1.9%

PTEN traded up $0.10 on Thursday, reaching $5.39. 7,306,530 shares of the company's stock were exchanged, compared to its average volume of 11,429,579. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.66. The company's 50 day moving average is $5.98 and its 200-day moving average is $6.62. 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 company has a market cap of $2.08 billion, a price-to-earnings ratio of -1.95 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued 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). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business earned $0.03 EPS. The firm's revenue was down 9.6% compared to the same quarter last year. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend 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.