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. trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 29.6% during the first quarter, according to its most recent disclosure with the SEC. The fund 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 approximately 0.30% of Patterson-UTI Energy worth $9,441,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PTEN. ARGA Investment Management LP grew its stake 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 valued at $105,089,000 after acquiring an additional 2,569,713 shares in the last quarter. American Century Companies Inc. lifted its stake 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 valued at $96,317,000 after acquiring an additional 2,080,960 shares during the period. Northern Trust Corp lifted its stake in Patterson-UTI Energy by 4.1% in the fourth 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 period. Nuveen LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth about $22,563,000. Finally, Nuveen Asset Management LLC grew its stake in Patterson-UTI Energy by 66.5% in the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock valued at $20,704,000 after purchasing an additional 1,000,702 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Royal Bank Of Canada cut 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. Citigroup reaffirmed a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Morgan Stanley reduced their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Finally, Barclays reduced their target price 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. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of "Hold" and an average price target of $7.90.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.15 during trading on Wednesday, reaching $5.36. The company's stock had a trading volume of 4,649,887 shares, compared to its average volume of 11,117,321. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $9.57. 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 company has a market capitalization of $2.06 billion, a P/E ratio of -1.94 and a beta of 1.35. The company's fifty day moving average is $5.84 and its 200-day moving average is $6.31.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data 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 company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company earned $0.03 EPS. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. On average, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -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.