Rhumbline Advisers Sells 501,033 Shares of 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 reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 30.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,152,460 shares of the oil and gas company's stock after selling 501,033 shares during the period. Rhumbline Advisers owned about 0.30% of Patterson-UTI Energy worth $9,473,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PTEN. Jane Street Group LLC increased its position in shares of Patterson-UTI Energy by 125.2% in the fourth quarter. Jane Street Group LLC now owns 283,096 shares of the oil and gas company's stock worth $2,338,000 after acquiring an additional 1,404,307 shares in the last quarter. Captrust Financial Advisors purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth approximately $88,000. Ethic Inc. grew its position in Patterson-UTI Energy by 35.1% during the fourth quarter. Ethic Inc. now owns 24,757 shares of the oil and gas company's stock valued at $204,000 after purchasing an additional 6,427 shares in the last quarter. Gotham Asset Management LLC purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $720,000. Finally, Nuveen Asset Management LLC grew its position in Patterson-UTI Energy by 66.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company's stock valued at $20,704,000 after purchasing an additional 1,000,702 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN traded up $0.18 during trading hours on Tuesday, hitting $5.59. The stock had a trading volume of 2,896,713 shares, compared to its average volume of 11,066,146. The company's fifty day moving average is $5.78 and its two-hundred day moving average is $6.23. 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, Inc. has a 52 week low of $5.12 and a 52 week high of $9.57. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -2.02 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $0.03 EPS. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.7%. Patterson-UTI Energy's dividend payout ratio is currently -11.59%.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of research analyst reports. Citigroup reaffirmed a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Royal Bank Of Canada lowered 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 research report on Friday, July 25th. Stifel Nicolaus lowered their price objective 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. Barclays lowered their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Finally, Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price for the company. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $7.90.

About Patterson-UTI Energy

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.