SCS Capital Management LLC Purchases Shares of 97,439 Patterson-UTI Energy, Inc. $PTEN

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 acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 97,439 shares of the oil and gas company's stock, valued at approximately $801,000.

A number of other large investors have also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $42,000. State of Wyoming purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $54,000. Blue Trust Inc. raised its holdings in shares of 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 valued at $59,000 after purchasing an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC lifted its position 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 last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter worth $85,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Susquehanna dropped their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, September 3rd. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Stifel Nicolaus cut 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 report on Friday, July 25th. Barclays lowered their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Finally, Royal Bank Of Canada dropped their target price 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. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Stock Down 0.5%

PTEN opened at $5.47 on Thursday. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.57. The business has a 50 day moving average price of $5.82 and a two-hundred day moving average price of $6.31. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The company has a market cap of $2.11 billion, a PE ratio of -1.98 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the firm posted $0.03 EPS. The company's revenue for the quarter was down 9.6% on a year-over-year basis. As a group, research 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 will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

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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