American Century Companies Inc. Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

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American Century Companies Inc. boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 21.6% 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 11,717,431 shares of the oil and gas company's stock after buying an additional 2,080,960 shares during the quarter. American Century Companies Inc. owned 3.04% of Patterson-UTI Energy worth $96,317,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after buying an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its stake in Patterson-UTI Energy by 25.2% during the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock worth $105,089,000 after buying an additional 2,569,713 shares during the period. Northern Trust Corp boosted its stake in Patterson-UTI Energy by 4.1% during the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock worth $35,426,000 after buying an additional 170,417 shares during the period. Nuveen LLC purchased a new position in Patterson-UTI Energy during the first quarter worth about $22,563,000. Finally, Nuveen Asset Management LLC boosted its stake in Patterson-UTI Energy by 66.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock worth $20,704,000 after buying an additional 1,000,702 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PTEN. Citigroup reissued a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Morgan Stanley reduced their price target 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. Susquehanna reduced their price target on shares of 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. Royal Bank Of Canada reduced their price target on shares of 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 reduced their price target on shares of 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. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $8.27.

Patterson-UTI Energy Stock Up 7.8%

NASDAQ:PTEN traded up $0.42 during mid-day trading on Friday, hitting $5.81. The stock had a trading volume of 8,688,655 shares, compared to its average volume of 8,286,991. The stock has a 50-day simple moving average of $5.95 and a two-hundred day simple moving average of $6.59. The company has a market capitalization of $2.24 billion, a PE ratio of -2.11 and a beta of 1.30. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.66. 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 issued 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 analyst estimates 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 firm's revenue was down 9.6% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.5%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio 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.