Voya Investment Management LLC Has $3.54 Million Stock Position in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Voya Investment Management LLC increased its holdings in Patterson-UTI Energy by 26.3%, acquiring an additional 89,495 shares to own 430,047 shares worth approximately $3.54 million.
• Analysts have set varying target prices for Patterson-UTI Energy, with JPMorgan Chase reducing theirs from $9.00 to $7.00, while Barclays decreased theirs from $8.00 to $7.00, with the consensus target price now at $7.90.
• Patterson-UTI Energy declared a quarterly dividend of $0.08 per share, yielding 6.0%, despite a negative net margin and lower revenue compared to the previous year.

Voya Investment Management LLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 430,047 shares of the oil and gas company's stock after buying an additional 89,495 shares during the period. Voya Investment Management LLC owned approximately 0.11% of Patterson-UTI Energy worth $3,535,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PTEN. State of Wyoming bought a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $54,000. Blue Trust Inc. increased its stake 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 worth $59,000 after purchasing an additional 2,153 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 41.0% in the first 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. Hodges Capital Management Inc. acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at approximately $82,000. Finally, Merit Financial Group LLC acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PTEN has been the subject of several research reports. Susquehanna reduced their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday, September 3rd. Stifel Nicolaus dropped 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. JPMorgan Chase & Co. decreased 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 price objective for the company. Finally, Barclays reduced their price objective 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. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Hold" and an average target price of $7.90.

Patterson-UTI Energy Trading Up 6.0%

Shares of PTEN stock traded up $0.32 on Tuesday, hitting $5.71. The stock had a trading volume of 1,211,522 shares, compared to its average volume of 10,987,398. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.57. The firm has a market cap of $2.20 billion, a P/E ratio of -2.07 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. The company has a fifty day moving average price of $5.67 and a two-hundred day moving average price of $6.16.

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 the consensus estimate 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 business's revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. As a group, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is -11.59%.

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.