Ruffer LLP Purchases New Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• Ruffer LLP acquired a new position in Patterson-UTI Energy by purchasing 520,448 shares valued at approximately $4.3 million, representing around 0.13% of the company's stock.
• Several institutional investors made significant changes to their stakes in Patterson-UTI Energy, with Alliancebernstein L.P. increasing its position by 66.0%.
• Patterson-UTI Energy reported a revenue drop of 9.6% year-over-year, with an EPS of ($0.06) for the last quarter, failing to meet the consensus estimate.

Ruffer LLP purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 520,448 shares of the oil and gas company's stock, valued at approximately $4,278,000. Ruffer LLP owned approximately 0.13% of Patterson-UTI Energy as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PTEN. Pictet Asset Management Holding SA grew its stake in shares of Patterson-UTI Energy by 19.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 67,890 shares of the oil and gas company's stock valued at $561,000 after buying an additional 11,284 shares in the last quarter. Orion Portfolio Solutions LLC bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $87,000. Schroder Investment Management Group bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $511,000. Alliancebernstein L.P. boosted its position in Patterson-UTI Energy by 66.0% during the fourth quarter. Alliancebernstein L.P. now owns 820,362 shares of the oil and gas company's stock worth $6,776,000 after purchasing an additional 326,188 shares during the period. Finally, ExodusPoint Capital Management LP bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $4,227,000. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PTEN shares. The Goldman Sachs Group decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Barclays decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Royal Bank Of Canada decreased their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and an average price target of $8.27.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction 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 transaction, the director directly owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Down 6.3%

Shares of PTEN stock opened at $5.54 on Monday. The stock has a market cap of $2.13 billion, a P/E ratio of -2.01 and a beta of 1.30. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.99. The stock has a fifty day moving average price of $6.07 and a 200 day moving average price of $6.89. 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 (NASDAQ:PTEN - Get Free Report) last issued its 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). The firm had revenue of $1.22 billion during 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%. The firm's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the business earned $0.03 earnings per share. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -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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