Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Position Increased 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. raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 29.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,261,163 shares of the oil and gas company's stock after buying an additional 288,321 shares during the quarter. Patterson-UTI Energy comprises 1.2% of KLCM Advisors Inc.'s portfolio, making the stock its 27th largest position. KLCM Advisors Inc. owned approximately 0.33% of Patterson-UTI Energy worth $10,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PTEN. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $42,000. Blue Trust Inc. raised its position in shares of Patterson-UTI Energy by 42.9% during 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. Wedbush Securities Inc. acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $85,000. Crestline Management LP acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $85,000. Finally, Merit Financial Group LLC acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $85,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler assumed coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Susquehanna lowered their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. Citigroup restated a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research report 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 on the stock in a research report on Friday, July 25th. Finally, Barclays lowered their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. One investment 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.com, Patterson-UTI Energy currently has an average rating of "Hold" and a consensus price target of $8.27.

Patterson-UTI Energy Price Performance

Shares of PTEN traded down $0.23 during trading hours on Friday, hitting $5.38. 7,629,247 shares of the company were exchanged, compared to its average volume of 8,959,859. The company has a market capitalization of $2.07 billion, a PE ratio of -1.95 and a beta of 1.30. The firm has a fifty day simple moving average of $6.03 and a 200-day simple moving average of $6.67. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.66.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) 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 analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend 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 (DPR) 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.