MetLife Investment Management LLC Raises Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• MetLife Investment Management LLC significantly increased its stake in Patterson-UTI Energy by 405.2%, acquiring over 942,000 additional shares, bringing its total to approximately 1.17 million shares worth $9.66 million.
• Recent analyst reports indicate mixed sentiment, with target prices for Patterson-UTI Energy being lowered by several firms, while the consensus rating remains a "Hold" with an average target price of $8.27.
• Patterson-UTI Energy reported a quarterly loss of ($0.06) earnings per share, falling short of expectations, and the company's revenue decreased by 9.6% year-over-year, underscoring ongoing financial challenges.

MetLife Investment Management LLC grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 405.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,174,959 shares of the oil and gas company's stock after buying an additional 942,400 shares during the period. MetLife Investment Management LLC owned 0.30% of Patterson-UTI Energy worth $9,658,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $42,000. Blue Trust Inc. grew 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 buying an additional 2,153 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of 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 valued at $65,000 after buying an additional 2,323 shares during the period. Wedbush Securities Inc. purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. Finally, Crestline Management LP purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $85,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 1.2%

PTEN stock traded up $0.07 during midday trading on Friday, hitting $5.81. The company's stock had a trading volume of 7,014,344 shares, compared to its average volume of 7,800,461. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.57. The firm has a market capitalization of $2.24 billion, a P/E ratio of -2.11 and a beta of 1.30. The firm has a 50-day simple moving average of $5.88 and a 200-day simple moving average of $6.49.

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 net margin of 21.49% and a negative return on equity of 1.94%. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the business earned $0.03 EPS. The business's quarterly revenue was down 9.6% on a year-over-year basis. As a group, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.

Analysts Set New Price Targets

PTEN has been the subject of several analyst reports. Susquehanna dropped their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Citigroup reaffirmed a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Finally, Barclays lowered 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 report on Tuesday, July 29th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy 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.