Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stake Boosted by New Age Alpha Advisors LLC

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

Several other hedge funds have also recently bought and sold shares of PTEN. Ruffer LLP purchased a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $4,278,000. SCP Investment LP acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $230,000. Blueshift Asset Management LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $129,000. Jefferies Financial Group Inc. acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $522,000. Finally, US Bancorp DE grew its position in shares of Patterson-UTI Energy by 23.4% during the first quarter. US Bancorp DE now owns 121,966 shares of the oil and gas company's stock worth $1,003,000 after buying an additional 23,094 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

PTEN has been the subject of a number of recent analyst reports. Barclays decreased their price target on shares of 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. 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 report on Wednesday, May 28th. Royal Bank Of Canada decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Finally, Piper Sandler began coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $8.27.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded up $0.08 during midday trading on Friday, reaching $5.43. 6,673,873 shares of the company traded hands, compared to its average volume of 9,226,650. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.66. The stock has a 50-day moving average price of $6.04 and a 200 day moving average price of $6.77. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. The company has a market cap of $2.09 billion, a price-to-earnings ratio of -1.97 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly 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). 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 during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $0.03 earnings per share. Patterson-UTI Energy's revenue was down 9.6% compared to the same quarter last year. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -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.