Patterson-UTI Energy, Inc. $PTEN Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. has reduced its stake in Patterson-UTI Energy, Inc. by 29.6%, now owning 1,148,502 shares worth approximately $9.4 million.
• Several other institutional investors, including Nuveen LLC and ARGA Investment Management LP, have increased their holdings, indicating strong institutional interest in the stock.
• The company's latest earnings report showed a loss of ($0.06) per share, missing estimates, and a year-over-year revenue decline of 9.6%, while a quarterly dividend of $0.08 per share was announced.

Alyeska Investment Group L.P. cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 29.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,148,502 shares of the oil and gas company's stock after selling 482,632 shares during the quarter. Alyeska Investment Group L.P. owned about 0.30% of Patterson-UTI Energy worth $9,441,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PTEN. ARGA Investment Management LP lifted its position in Patterson-UTI Energy by 25.2% during the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock worth $105,089,000 after acquiring an additional 2,569,713 shares during the period. American Century Companies Inc. lifted its holdings in shares of Patterson-UTI Energy by 21.6% during the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after purchasing an additional 2,080,960 shares during the period. Northern Trust Corp grew its position in Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after buying an additional 170,417 shares during the last quarter. Nuveen LLC acquired a new position in Patterson-UTI Energy in the 1st quarter valued at $22,563,000. Finally, Nuveen Asset Management LLC raised its position in Patterson-UTI Energy by 66.5% during the 4th 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 last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded down $0.12 during trading hours on Tuesday, reaching $5.50. The company's stock had a trading volume of 5,962,097 shares, compared to its average volume of 11,145,576. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The stock has a market cap of $2.12 billion, a PE ratio of -1.99 and a beta of 1.35. The company's 50-day moving average is $5.85 and its two-hundred day moving average is $6.32. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued 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). 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 for the quarter, compared to analysts' expectations of $1.24 billion. During the same period last year, the business earned $0.03 earnings per share. The company's revenue for the quarter was down 9.6% on a year-over-year basis. Analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is -11.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PTEN shares. Morgan Stanley reduced 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. Royal Bank Of Canada reduced their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. Barclays dropped their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, July 29th. Piper Sandler initiated coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price for the company. Finally, Susquehanna decreased their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, September 3rd. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of "Hold" and a consensus price target of $7.90.

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.