Voya Investment Management LLC Acquires 89,495 Shares of 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 boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 430,047 shares of the oil and gas company's stock after purchasing an additional 89,495 shares during the period. Voya Investment Management LLC owned about 0.11% of Patterson-UTI Energy worth $3,535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PTEN. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth about $54,000. Blue Trust Inc. raised its stake in 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 worth $59,000 after purchasing an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock valued at $65,000 after buying an additional 2,323 shares during the period. Hodges Capital Management Inc. acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $82,000. Finally, Merit Financial Group LLC acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $85,000. Institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. 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. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price on the stock. Stifel Nicolaus decreased their price target on shares of 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. Finally, Barclays decreased their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Four 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, the company presently has an average rating of "Hold" and a consensus target price of $7.90.

Patterson-UTI Energy Stock Down 3.3%

NASDAQ:PTEN opened at $5.35 on Friday. The firm has a market cap of $2.06 billion, a P/E ratio of -1.94 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $9.57. The firm has a 50-day simple moving average of $5.69 and a two-hundred day simple moving average of $6.19.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.22 billion for 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 firm's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 6.0%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is currently -11.59%.

Patterson-UTI Energy Company 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.

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