Royce & Associates LP Has $10.46 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• Royce & Associates LP increased its stake in Patterson-UTI Energy by 6.8%, owning approximately $10.46 million worth of shares as of the latest SEC filing.
• Insider activity includes Director James Carl Stewart selling 5,500 shares at an average price of $5.98, reducing his position by 0.55%.
• Several analysts have lowered their price targets for Patterson-UTI Energy, with the current consensus rating being a "Hold" and an average target price of $8.36.

Royce & Associates LP boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,272,410 shares of the oil and gas company's stock after buying an additional 81,180 shares during the period. Royce & Associates LP owned approximately 0.33% of Patterson-UTI Energy worth $10,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $42,000. Blue Trust Inc. lifted its position 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 worth $59,000 after buying an additional 2,153 shares in the last quarter. Finally, Crestline Management LP acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of research reports. Royal Bank Of Canada dropped their price target 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. Barclays dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Susquehanna reduced their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. The Goldman Sachs Group lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $8.36.

Patterson-UTI Energy Trading Down 3.0%

Shares of PTEN stock opened at $5.92 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.07. The company has a market cap of $2.29 billion, a PE ratio of -2.14 and a beta of 1.32. The company has a quick ratio of 1.40, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The business's 50 day moving average is $6.04 and its two-hundred day moving average is $7.01.

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 the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.41%. Patterson-UTI Energy's payout ratio is presently -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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