American Century Companies Inc. Has $96.32 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

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American Century Companies Inc. raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 21.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,717,431 shares of the oil and gas company's stock after purchasing an additional 2,080,960 shares during the period. American Century Companies Inc. owned 3.04% of Patterson-UTI Energy worth $96,317,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTEN. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $42,000. Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 42.9% in the 1st 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 in the last quarter. Crestline Management LP bought a new position in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $85,000. Merit Financial Group LLC bought a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. Finally, Wedbush Securities Inc. bought a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded up $0.10 during trading on Thursday, hitting $5.39. The company's stock had a trading volume of 7,306,530 shares, compared to its average volume of 11,429,579. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $5.98 and a 200 day moving average price of $6.62. The firm has a market cap of $2.08 billion, a P/E ratio of -1.95 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.66.

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 period in the prior year, the firm earned $0.03 earnings per share. The business's quarterly revenue was down 9.6% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share 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. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -11.59%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PTEN shares. Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. cut their price objective on 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. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective on the stock. Morgan Stanley cut their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Susquehanna cut their price objective on 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. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $8.27.

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.