Martingale Asset Management L P Grows 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 stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 319.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,886 shares of the oil and gas company's stock after purchasing an additional 47,146 shares during the quarter. Martingale Asset Management L P's holdings in Patterson-UTI Energy were worth $509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTEN. Gallagher Fiduciary Advisors LLC grew its holdings 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 valued at $123,000 after buying an additional 1,731 shares during the period. Readystate Asset Management LP grew its stake in shares of Patterson-UTI Energy by 4.1% during the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock valued at $426,000 after buying an additional 2,019 shares during the period. Xponance Inc. grew its position in Patterson-UTI Energy by 7.4% during the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock valued at $245,000 after acquiring an additional 2,057 shares during the period. Blue Trust Inc. grew its position in Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after acquiring an additional 2,153 shares during the period. Finally, Yousif Capital Management LLC grew its position in Patterson-UTI Energy by 1.8% during the first quarter. Yousif Capital Management LLC now owns 136,849 shares of the oil and gas company's stock valued at $1,125,000 after acquiring an additional 2,378 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Morgan Stanley decreased their target price 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. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday, July 25th. Barclays decreased their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price objective for the company. Finally, Citigroup reaffirmed a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Hold" and a consensus target price of $8.27.

Patterson-UTI Energy Stock Up 1.2%

NASDAQ PTEN traded up $0.07 on Friday, reaching $5.81. The company had a trading volume of 7,014,344 shares, compared to its average volume of 7,701,902. The firm has a market capitalization of $2.24 billion, a PE ratio of -2.11 and a beta of 1.35. The firm has a 50-day moving average of $5.88 and a 200-day moving average of $6.45. 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 1 year low of $5.12 and a 1 year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm 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% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 earnings per share. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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 given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -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.