97,439 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC acquired 97,439 shares of Patterson-UTI Energy, Inc. for approximately $801,000, marking their entry into the company in the first quarter.
• Several institutional investors have increased their stakes in Patterson-UTI, contributing to the fact that 97.91% of the company's stock is held by hedge funds and other institutions.
• Patterson-UTI reported a net loss of ($0.06) EPS for the last quarter, falling short of analysts' estimates and showing a 9.6% decline in year-over-year revenue.

SCS Capital Management LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 97,439 shares of the oil and gas company's stock, valued at approximately $801,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $42,000. State of Wyoming purchased a new position in shares of Patterson-UTI Energy during the 1st quarter worth $54,000. Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after purchasing an additional 2,153 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after purchasing an additional 2,323 shares during the period. Finally, Wedbush Securities Inc. purchased a new position in shares of Patterson-UTI Energy during the 1st quarter worth $85,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.18 on Tuesday, reaching $5.59. 1,931,518 shares of the stock were exchanged, compared to its average volume of 11,062,545. The stock has a market cap of $2.15 billion, a PE ratio of -2.02 and a beta of 1.35. 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 twelve month low of $5.12 and a twelve month high of $9.57. The firm has a fifty day moving average price of $5.78 and a two-hundred day moving average price of $6.23.

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 analysts' consensus estimates of ($0.04) by ($0.02). The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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 revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PTEN shares. JPMorgan Chase & Co. cut their target price 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. Piper Sandler assumed coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Royal Bank Of Canada cut their price objective on 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. Citigroup reissued a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Finally, Barclays cut their price objective on 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. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $7.90.

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.