Patterson-UTI Energy, Inc. $PTEN Shares Bought by KLCM Advisors Inc.

Key Points

• KLCM Advisors Inc. increased its stake in Patterson-UTI Energy by 29.6%, owning over 1.26 million shares valued at approximately $10.37 million.
• The latest quarterly earnings report showed a negative EPS of ($0.06), missing estimates, and a revenue decline of 9.6% year-over-year to $1.22 billion.
• Patterson-UTI Energy announced a quarterly dividend of $0.08 per share, yielding approximately 5.7% annually, with the payout set for September 15.

KLCM Advisors Inc. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 29.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,261,163 shares of the oil and gas company's stock after purchasing an additional 288,321 shares during the quarter. Patterson-UTI Energy makes up approximately 1.2% of KLCM Advisors Inc.'s holdings, making the stock its 27th biggest position. KLCM Advisors Inc. owned 0.33% of Patterson-UTI Energy worth $10,367,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Summit Investment Advisors Inc. boosted its stake in 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 boosted its stake in Patterson-UTI Energy by 13.2% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 1,731 shares during the period. Readystate Asset Management LP boosted its stake in 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 worth $426,000 after purchasing an additional 2,019 shares during the period. Xponance Inc. boosted its stake in 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 worth $245,000 after purchasing an additional 2,057 shares during the period. Finally, Blue Trust Inc. boosted its stake in 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 worth $59,000 after purchasing an additional 2,153 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Down 0.5%

PTEN traded down $0.0250 on Tuesday, hitting $5.3650. The company had a trading volume of 2,930,951 shares, compared to its average volume of 11,448,253. The stock has a fifty day moving average price of $6.02 and a 200-day moving average price of $6.64. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month 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. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -1.95 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results 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%. Patterson-UTI Energy's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Citigroup restated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. 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 report on Friday, July 25th. Barclays lowered their target price on 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. JPMorgan Chase & Co. lowered their target price on 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. Finally, 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 report on Friday, May 16th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Hold" and a consensus target price of $8.27.

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.