Martingale Asset Management L P Has $509,000 Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Martingale Asset Management increased its holdings in Patterson-UTI Energy by 319.9%, owning 61,886 shares after acquiring an additional 47,146 shares in the first quarter, valued at approximately $509,000.
• Institutional investors and hedge funds own a significant 97.91% of Patterson-UTI Energy's stock, indicating strong interest from large investment firms.
• The company recently reported an earnings miss with a quarterly EPS of ($0.06), below analysts' expectations of ($0.04), alongside a revenue drop of 9.6% year-over-year.

Martingale Asset Management L P increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 319.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 61,886 shares of the oil and gas company's stock after purchasing an additional 47,146 shares during the period. Martingale Asset Management L P's holdings in Patterson-UTI Energy were worth $509,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. CacheTech Inc. acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $105,000. Round Hill Asset Management acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $133,000. Raymond James Financial Inc. lifted its position in shares of Patterson-UTI Energy by 50.4% during the 1st quarter. Raymond James Financial Inc. now owns 1,048,086 shares of the oil and gas company's stock worth $8,615,000 after purchasing an additional 351,325 shares during the last quarter. Adams Wealth Management acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $105,000. Finally, American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 21.6% during the 1st quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after purchasing an additional 2,080,960 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.03 during trading hours on Thursday, reaching $5.74. 7,311,642 shares of the company's stock were exchanged, compared to its average volume of 7,950,436. The stock has a market cap of $2.21 billion, a PE ratio of -2.08 and a beta of 1.30. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.57. The firm has a fifty day moving average of $5.89 and a 200-day moving average of $6.51. 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 (NASDAQ:PTEN - Get Free Report) last released 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate 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 firm's revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. On average, equities research analysts predict 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 disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a yield of 5.6%. Patterson-UTI Energy's dividend payout ratio is currently -11.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Piper Sandler assumed coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target for the company. Royal Bank Of Canada cut their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. Barclays cut their price target on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Finally, Morgan Stanley cut their price target on 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. 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 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.