AQR Capital Management LLC Grows Stock Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• AQR Capital Management LLC increased its stake in Patterson-UTI Energy by 197.3%, owning about 1.42 million shares valued at $11.7 million as of the latest SEC filing.
• The company recently declared a quarterly dividend of $0.08 per share, scheduled for payment on September 15th, representing an annualized yield of 5.9%.
• Patterson-UTI reported a loss of $0.06 EPS for its most recent quarter, falling short of expectations, with revenue down 9.6% year-over-year.

AQR Capital Management LLC boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 197.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,424,589 shares of the oil and gas company's stock after buying an additional 945,373 shares during the quarter. AQR Capital Management LLC owned 0.37% of Patterson-UTI Energy worth $11,710,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $42,000. State of Wyoming acquired a new position in Patterson-UTI Energy during the first quarter worth $54,000. Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $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 first 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 in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 3.9%

NASDAQ:PTEN traded up $0.21 during trading hours on Tuesday, hitting $5.62. The company's stock had a trading volume of 6,127,577 shares, compared to its average volume of 7,517,543. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.57. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $2.16 billion, a P/E ratio of -2.04 and a beta of 1.35. The stock has a fifty day moving average of $5.76 and a 200-day moving average of $6.22.

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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business's revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders 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 of this dividend was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. 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 note on Tuesday, July 29th. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target for the company. Finally, Royal Bank Of Canada cut their price objective on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and a consensus target price of $7.90.

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.