Raymond James Financial Inc. Buys 351,325 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Raymond James Financial Inc. increased its stake in Patterson-UTI Energy by 50.4%, acquiring an additional 351,325 shares in the first quarter, now holding 1,048,086 shares worth approximately $8.6 million.
• Patterson-UTI Energy recently reported a loss of ($0.06) EPS for its quarterly earnings and missed revenue estimates, reflecting a 9.6% decline compared to the same quarter last year.
• The company announced a quarterly dividend of $0.08, representing a yield of 5.5%, set to be paid on September 15th, with an ex-dividend date of September 2nd.

Raymond James Financial Inc. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 50.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,086 shares of the oil and gas company's stock after buying an additional 351,325 shares during the quarter. Raymond James Financial Inc. owned approximately 0.27% of Patterson-UTI Energy worth $8,615,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Readystate Asset Management LP raised its holdings in Patterson-UTI Energy by 4.1% in the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock valued at $426,000 after buying an additional 2,019 shares during the last quarter. Xponance Inc. raised its holdings in Patterson-UTI Energy by 7.4% in the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock valued at $245,000 after buying an additional 2,057 shares during the last quarter. Blue Trust Inc. raised its holdings in Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after buying an additional 2,153 shares during the last quarter. Yousif Capital Management LLC raised its holdings in Patterson-UTI Energy by 1.8% in the 1st quarter. Yousif Capital Management LLC now owns 136,849 shares of the oil and gas company's stock valued at $1,125,000 after buying an additional 2,378 shares during the last quarter. Finally, Sage Rhino Capital LLC raised its holdings in Patterson-UTI Energy by 18.4% in the 1st quarter. Sage Rhino Capital LLC now owns 16,644 shares of the oil and gas company's stock valued at $137,000 after buying an additional 2,585 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

PTEN has been the subject of several analyst reports. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a report on Wednesday. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a report on Friday, July 25th. Citigroup restated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. Barclays lowered their price target on shares of 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, Piper Sandler began coverage on shares of Patterson-UTI Energy in a report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target for the company. Four research 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, Patterson-UTI Energy has a consensus rating of "Hold" and an average price target of $7.90.

Patterson-UTI Energy Stock Up 5.6%

PTEN traded up $0.31 during mid-day trading on Thursday, reaching $5.83. 10,488,494 shares of the stock were exchanged, compared to its average volume of 11,225,887. 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 capitalization of $2.25 billion, a PE ratio of -2.11 and a beta of 1.35. The company has a 50 day moving average price of $5.86 and a two-hundred day moving average price of $6.42. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.Patterson-UTI Energy's revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 earnings per share. As a group, research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -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.