OMERS ADMINISTRATION Corp Buys Shares of 356,700 Patterson-UTI Energy, Inc. $PTEN

Key Points

• OMERS ADMINISTRATION Corp has acquired a new stake in Patterson-UTI Energy, Inc., purchasing 356,700 shares valued at approximately $2.93 million.
• Patterson-UTI Energy reported a quarterly earnings loss of ($0.06) per share, missing analysts' estimates, with a revenue of $1.22 billion, down 9.6% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, contributing to an annualized yield of 5.5% for investors.

OMERS ADMINISTRATION Corp acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 356,700 shares of the oil and gas company's stock, valued at approximately $2,932,000. OMERS ADMINISTRATION Corp owned approximately 0.09% of Patterson-UTI Energy as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of PTEN. Dimensional Fund Advisors LP boosted its position in Patterson-UTI Energy by 693.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock valued at $16,105,000 after acquiring an additional 1,704,087 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Patterson-UTI Energy by 156.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,407 shares of the oil and gas company's stock valued at $127,000 after acquiring an additional 9,394 shares in the last quarter. State of Tennessee Department of Treasury boosted its position in Patterson-UTI Energy by 4.1% during the 4th quarter. State of Tennessee Department of Treasury now owns 130,106 shares of the oil and gas company's stock valued at $1,075,000 after acquiring an additional 5,094 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Patterson-UTI Energy by 162.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 590,059 shares of the oil and gas company's stock valued at $4,875,000 after acquiring an additional 365,589 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in Patterson-UTI Energy by 34.5% during the 4th quarter. Voya Investment Management LLC now owns 340,552 shares of the oil and gas company's stock valued at $2,813,000 after acquiring an additional 87,262 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PTEN shares. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Barclays lowered their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Piper Sandler started coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. Finally, Citigroup reiterated a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $8.27.

Patterson-UTI Energy Stock Up 1.2%

PTEN stock traded up $0.07 during midday trading on Monday, hitting $5.81. The company's stock had a trading volume of 7,014,344 shares, compared to its average volume of 7,701,902. The company has a market cap of $2.24 billion, a PE ratio of -2.11 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month 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. The firm's 50-day moving average is $5.87 and its 200-day moving average is $6.43.

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 during the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal 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 $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a yield of 5.5%. Patterson-UTI Energy's dividend payout ratio is -11.59%.

Patterson-UTI Energy Company 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.