Victory Capital Management Inc. Has $2.80 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Victory Capital Management Inc. decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 70.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,338 shares of the oil and gas company's stock after selling 806,412 shares during the period. Victory Capital Management Inc. owned 0.09% of Patterson-UTI Energy worth $2,798,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of 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 during the last quarter. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy in the 4th quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Patterson-UTI Energy during the 4th quarter worth approximately $42,000. Blue Trust Inc. grew its position in 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 in the last quarter. Finally, Crestline Management LP purchased a new position in Patterson-UTI Energy during the 4th quarter worth approximately $85,000. Institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Stifel Nicolaus lowered their price target 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. Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Finally, Citigroup restated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded down $0.36 on Friday, reaching $5.55. The company's stock had a trading volume of 3,053,795 shares, compared to its average volume of 11,735,471. The firm has a market cap of $2.14 billion, a PE ratio of -2.01 and a beta of 1.32. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $9.99. The business has a 50-day moving average price of $6.07 and a 200 day moving average price of $6.95. 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 (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The business 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%. The firm's revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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