Public Sector Pension Investment Board Boosts Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• Public Sector Pension Investment Board increased its holdings in Patterson-UTI Energy by 26.1% in the first quarter, acquiring an additional 231,018 shares, bringing its total ownership to approximately 0.29% of the company.
• Patterson-UTI Energy recently reported a quarterly revenue of $1.22 billion, which was below analyst estimates and represents a 9.6% decrease compared to the same quarter last year.
• The company announced a $0.08 quarterly dividend payable on September 15th, translating to an annual yield of 5.7%.

Public Sector Pension Investment Board increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,115,095 shares of the oil and gas company's stock after purchasing an additional 231,018 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.29% of Patterson-UTI Energy worth $9,166,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC increased its position in Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after acquiring an additional 4,691 shares during the period. Northern Trust Corp increased its position in Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after acquiring an additional 170,417 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Patterson-UTI Energy by 199.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock valued at $511,000 after acquiring an additional 41,418 shares during the period. Teacher Retirement System of Texas increased its position in Patterson-UTI Energy by 729.8% in the 1st 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 acquiring an additional 116,982 shares during the period. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $3,717,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of analyst reports. Barclays reduced their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. JPMorgan Chase & Co. reduced their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Finally, Morgan Stanley reduced their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $8.27.

Patterson-UTI Energy Stock Down 4.1%

PTEN traded down $0.23 during trading on Friday, hitting $5.38. 7,629,247 shares of the company's stock were exchanged, compared to its average volume of 8,959,859. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The business's 50 day moving average is $6.03 and its two-hundred day moving average is $6.67. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.66. The stock has a market cap of $2.07 billion, a P/E ratio of -1.95 and a beta of 1.30.

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 for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $0.03 EPS. The business's quarterly revenue was down 9.6% on a year-over-year basis. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share 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. Stockholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. 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.