Patterson-UTI Energy, Inc. $PTEN Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC has decreased its stake in Patterson-UTI Energy by 26% in the second quarter, now holding approximately 3.7 million shares valued at around $22.6 million.
• Analyst ratings for Patterson-UTI Energy show mixed sentiments, with target prices ranging from $6.00 to $10.00, and the stock currently holds an average "Hold" rating with a consensus target price of $7.80.
• Patterson-UTI Energy has declared a quarterly dividend of $0.08, representing an annualized dividend yield of 5.7%, despite experiencing negative earnings per share in the latest reported quarter.

Allspring Global Investments Holdings LLC lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,703,861 shares of the oil and gas company's stock after selling 1,299,865 shares during the period. Allspring Global Investments Holdings LLC owned about 0.96% of Patterson-UTI Energy worth $22,594,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PTEN. Yousif Capital Management LLC lifted its position in Patterson-UTI Energy by 1.8% in 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 purchasing an additional 2,378 shares during the period. GAMMA Investing LLC lifted its position in Patterson-UTI Energy by 102.8% in the first quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company's stock valued at $112,000 after purchasing an additional 6,891 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Patterson-UTI Energy by 199.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock valued at $511,000 after purchasing an additional 41,418 shares during the period. Ritholtz Wealth Management acquired a new stake in Patterson-UTI Energy in the first quarter valued at about $153,000. Finally, Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 42.9% in the first 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 in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PTEN shares. Stifel Nicolaus dropped their target price on shares of 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 reaffirmed an "equal weight" rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday. Piper Sandler started coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Patterson-UTI Energy in a report on Wednesday, October 8th. Finally, Susquehanna dropped their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a report on Wednesday, September 3rd. Three research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.80.

Patterson-UTI Energy Stock Down 1.9%

PTEN stock opened at $5.62 on Friday. The stock has a market capitalization of $2.16 billion, a P/E ratio of -2.04 and a beta of 1.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The company has a 50 day moving average price of $5.57 and a two-hundred day moving average price of $5.87.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The firm had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. As a group, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -11.59%.

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.

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