Rhumbline Advisers Decreases Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Rhumbline Advisers has reduced its stake in Patterson-UTI Energy by 30.3%, selling over 500,000 shares and now holding approximately 1.15 million shares worth $9.47 million.
• Institutional ownership remains high, with approximately 97.91% of the stock owned by hedge funds and other investors, with notable changes from various firms.
• Patterson-UTI Energy's financial performance showed a net loss of ($0.06) earnings per share, missing analysts' expectations, and indicating a 9.6% decline in quarterly revenue year-over-year.

Rhumbline Advisers lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 30.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,152,460 shares of the oil and gas company's stock after selling 501,033 shares during the period. Rhumbline Advisers owned approximately 0.30% of Patterson-UTI Energy worth $9,473,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Strs Ohio bought a new stake in shares of Patterson-UTI Energy during the 1st quarter worth $1,051,000. Bayforest Capital Ltd increased its holdings in Patterson-UTI Energy by 416.3% during the first quarter. Bayforest Capital Ltd now owns 126,477 shares of the oil and gas company's stock worth $1,040,000 after buying an additional 101,980 shares during the last quarter. SCS Capital Management LLC bought a new stake in Patterson-UTI Energy in the first quarter worth about $801,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares during the last quarter. Finally, United Services Automobile Association bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at approximately $176,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research reports. Barclays lowered 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 report on Tuesday, July 29th. JPMorgan Chase & Co. reduced their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. Morgan Stanley reduced 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. Finally, Royal Bank Of Canada decreased their price objective on 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. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $7.90.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $5.47 on Thursday. The company has a market capitalization of $2.11 billion, a P/E ratio of -1.98 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.57. The company has a fifty day moving average of $5.82 and a 200-day moving average of $6.31.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share 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 net margin of 21.49% and a negative return on equity of 1.94%. The business's quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

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