Russell Investments Group Ltd. Boosts Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Russell Investments Group Ltd. has increased its stake in Patterson-UTI Energy by 23.8%, owning approximately 1,197,345 shares valued at nearly $9.84 million.
• Patterson-UTI Energy reported a quarterly revenue of $1.22 billion, falling short of analyst expectations, and had an EPS of ($0.06), missing the consensus estimate of ($0.04).
• The company recently announced a quarterly dividend of $0.08 per share, set to be paid on September 15th, equating to an annualized yield of 5.9%.

Russell Investments Group Ltd. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 23.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,197,345 shares of the oil and gas company's stock after buying an additional 230,189 shares during the quarter. Russell Investments Group Ltd. owned about 0.31% of Patterson-UTI Energy worth $9,842,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. grew its position in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after acquiring an additional 1,596 shares during the last quarter. Gallagher Fiduciary Advisors LLC grew its position in Patterson-UTI Energy by 13.2% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 1,731 shares during the last quarter. Readystate Asset Management LP increased its stake in Patterson-UTI Energy by 4.1% in the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock valued at $426,000 after purchasing an additional 2,019 shares during the period. Xponance Inc. increased its stake in Patterson-UTI Energy by 7.4% in the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock valued at $245,000 after purchasing an additional 2,057 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 42.9% in the first 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. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN stock opened at $5.39 on Tuesday. The firm has a 50 day moving average of $6.02 and a 200-day moving average of $6.64. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -1.95 and a beta of 1.30. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.66.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued 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 analyst estimates 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 business's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm 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 5.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Citigroup reissued a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. Finally, Barclays cut their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of "Hold" and a consensus price target of $8.27.

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.

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