Patterson-UTI Energy, Inc. $PTEN Stake Raised by AQR Capital Management LLC

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its position in Patterson-UTI Energy by 14.7% in the first quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock worth $301,000 after acquiring an additional 4,691 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised 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 worth $511,000 after acquiring an additional 41,418 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Patterson-UTI Energy by 729.8% in the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock worth $1,093,000 after purchasing an additional 116,982 shares in the last quarter. CWM LLC increased its stake in Patterson-UTI Energy by 587.5% in the 1st quarter. CWM LLC now owns 75,341 shares of the oil and gas company's stock worth $619,000 after purchasing an additional 64,383 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Patterson-UTI Energy by 102.8% in the 1st quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company's stock worth $112,000 after purchasing an additional 6,891 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Stifel Nicolaus dropped 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 report on Friday, July 25th. Morgan Stanley decreased 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 note on Friday, May 16th. Royal Bank Of Canada cut their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Barclays reduced their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. dropped their price target 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. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $5.47 on Thursday. 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 stock has a market capitalization of $2.11 billion, a PE ratio of -1.98 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.57. The company has a 50 day moving average price of $5.82 and a two-hundred day moving average price of $6.31.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced 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 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 analyst estimates of $1.24 billion. During the same quarter last year, the company earned $0.03 EPS. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. Patterson-UTI Energy's dividend payout ratio is -11.59%.

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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