New Age Alpha Advisors LLC Acquires 65,876 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• New Age Alpha Advisors LLC increased its stake in Patterson-UTI Energy, Inc. by 13.7% during the first quarter, owning 544,983 shares, valued at approximately $4.48 million.
• Patterson-UTI Energy reported a loss of ($0.06) earnings per share, missing analysts' expectations, with revenues down 9.6% year-over-year.
• The company declared a quarterly dividend of $0.08 per share, representing an annualized dividend yield of 5.7%.

New Age Alpha Advisors LLC grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 544,983 shares of the oil and gas company's stock after buying an additional 65,876 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.14% of Patterson-UTI Energy worth $4,480,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $42,000. Blue Trust Inc. lifted its position in shares of Patterson-UTI Energy by 42.9% in the first 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 in the last quarter. Crestline Management LP purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $85,000. Merit Financial Group LLC bought a new position in Patterson-UTI Energy during the first quarter valued at approximately $85,000. Finally, Wedbush Securities Inc. bought a new position in Patterson-UTI Energy during the first quarter valued at approximately $85,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.08 on Friday, hitting $5.43. 6,673,873 shares of the company were exchanged, compared to its average volume of 9,226,650. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.66. The company has a market cap of $2.09 billion, a P/E ratio of -1.97 and a beta of 1.30. The firm has a 50 day moving average of $6.04 and a two-hundred day moving average of $6.79.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The company 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 earned $0.03 earnings per share. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS 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. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Analyst Ratings Changes

Several brokerages recently weighed in on PTEN. Morgan Stanley cut 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 report on Friday, May 16th. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Royal Bank Of Canada lowered their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. decreased their price target 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. Finally, Susquehanna reduced their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average 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.