Patterson-UTI Energy, Inc. $PTEN Shares Sold by Versor Investments LP

Key Points

• Versor Investments LP has reduced its holdings in Patterson-UTI Energy by 53.0%, now owning 82,650 shares valued at approximately $679,000.
• Patterson-UTI Energy reported a loss of $0.06 EPS last quarter, missing estimates, with a revenue of $1.22 billion which is down 9.6% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, yielding 5.9%, with the ex-dividend date set for September 2nd.

Versor Investments LP lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 53.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,650 shares of the oil and gas company's stock after selling 93,250 shares during the period. Versor Investments LP's holdings in Patterson-UTI Energy were worth $679,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PTEN. CacheTech Inc. acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $105,000. Round Hill Asset Management purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at approximately $133,000. Raymond James Financial Inc. grew its stake in Patterson-UTI Energy by 50.4% in the 1st quarter. Raymond James Financial Inc. now owns 1,048,086 shares of the oil and gas company's stock valued at $8,615,000 after acquiring an additional 351,325 shares during the period. Adams Wealth Management purchased a new stake in Patterson-UTI Energy in the 1st quarter worth $105,000. Finally, American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 21.6% in the 1st quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after acquiring an additional 2,080,960 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Trading Down 0.2%

PTEN opened at $5.38 on Wednesday. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -1.95 and a beta of 1.30. The company's 50 day simple moving average is $6.00 and its two-hundred day simple moving average is $6.63. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted 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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business posted $0.03 EPS. Patterson-UTI Energy's revenue for the quarter was down 9.6% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 5.9%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -11.59%.

Analyst Upgrades and Downgrades

PTEN has been the topic of several recent analyst reports. Royal Bank Of Canada decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a report on Friday, July 25th. Barclays decreased their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. Citigroup reiterated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. JPMorgan Chase & Co. decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Finally, Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $8.27.

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.

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