Ieq Capital LLC Purchases 212,052 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Ieq Capital LLC significantly increased its stake in Patterson-UTI Energy by 486.2% in the first quarter, owning approximately 255,670 shares worth about $2.1 million.
• Patterson-UTI Energy reported a quarterly earnings loss of ($0.06) EPS, missing analysts’ expectations, with revenues down 9.6% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, representing an annualized yield of 5.5%, to be paid to shareholders in September.

Ieq Capital LLC boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 486.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 255,670 shares of the oil and gas company's stock after purchasing an additional 212,052 shares during the quarter. Ieq Capital LLC owned approximately 0.07% of Patterson-UTI Energy worth $2,102,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Gallagher Fiduciary Advisors LLC increased 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 worth $123,000 after buying an additional 1,731 shares in the last quarter. Readystate Asset Management LP increased its holdings in Patterson-UTI Energy by 4.1% in the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock worth $426,000 after buying an additional 2,019 shares in the last quarter. Xponance Inc. increased its holdings in Patterson-UTI Energy by 7.4% in the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock worth $245,000 after buying an additional 2,057 shares in the last quarter. Blue Trust Inc. increased its holdings in 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 worth $59,000 after buying an additional 2,153 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after buying an additional 2,323 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.31 during trading hours on Thursday, reaching $5.83. 10,488,594 shares of the company traded hands, compared to its average volume of 11,225,896. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.57. 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 $2.25 billion, a P/E ratio of -2.11 and a beta of 1.35. The firm has a 50-day moving average price of $5.86 and a 200 day moving average price of $6.42.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The company had revenue of $1.22 billion for 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%. The firm's quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. As a group, sell-side analysts predict 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. Shareholders 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 5.5%. Patterson-UTI Energy's payout ratio is presently -11.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently 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 objective for the company. Citigroup reissued a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Susquehanna dropped their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday. Morgan Stanley dropped their target price on 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. Finally, Royal Bank Of Canada dropped their target price on 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. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $7.90.

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.