Pacer Advisors Inc. Trims Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Patterson-UTI Energy, selling 17,530,772 shares and holding 4,565,781 shares post-sale, which is a 79.3% decrease.
• Institutional investors now control 97.91% of Patterson-UTI Energy's stock, with several firms increasing their positions, notably Fuller & Thaler Asset Management by 89.1%.
• Shares of Patterson-UTI Energy are currently trading around $5.92, significantly lower than its 12-month high of $11.07, with an estimated current earnings per share of -0.1 for the fiscal year.

Pacer Advisors Inc. trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 79.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,565,781 shares of the oil and gas company's stock after selling 17,530,772 shares during the period. Pacer Advisors Inc. owned about 1.18% of Patterson-UTI Energy worth $37,531,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $42,000. Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares during the period. Finally, Crestline Management LP purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $85,000. Institutional investors own 97.91% of the company's stock.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, the director directly owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded down $0.28 on Wednesday, reaching $6.08. 2,230,225 shares of the stock were exchanged, compared to its average volume of 11,759,627. The firm has a market capitalization of $2.34 billion, a PE ratio of -2.20 and a beta of 1.32. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.36. The company's 50-day simple moving average is $6.05 and its two-hundred day simple moving average is $6.97. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.07.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced 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 company had revenue of $1.22 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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 yield of 5.27%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -11.59%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PTEN shares. Citigroup reiterated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. 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 research note on Wednesday, June 4th. Barclays decreased their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $8.27.

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.