XTX Topco Ltd Acquires Shares of 157,718 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Key Points

• XTX Topco Ltd has acquired a new stake in Patterson-UTI Energy, Inc., purchasing 157,718 shares valued at approximately $1.3 million in the 1st quarter.
• After posting a quarterly earnings miss, Patterson-UTI Energy's stock fell by 6.3%, with a current price of $5.54 and a price-to-earnings ratio of -2.01.
• Analysts have differing views on the stock, with target prices varying from as low as $6.50 to a high of $12.00, reflecting a consensus rating of "Hold."

XTX Topco Ltd acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 157,718 shares of the oil and gas company's stock, valued at approximately $1,296,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Patterson-UTI Energy by 1,443.0% in the fourth 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 purchasing an additional 3,218 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $42,000. Blue Trust Inc. grew its position 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 valued at $59,000 after purchasing an additional 2,153 shares during the period. Crestline Management LP purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $85,000. Finally, Merit Financial Group LLC purchased a new stake in shares of Patterson-UTI Energy in the first quarter valued at $85,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 1.3%

Shares of PTEN traded down $0.07 during midday trading on Monday, reaching $5.47. 7,727,764 shares of the company were exchanged, compared to its average volume of 9,233,947. The stock has a 50-day moving average price of $6.07 and a 200-day moving average price of $6.89. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -1.98 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $9.66. 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 issued its quarterly earnings data 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). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm earned $0.03 EPS. The company's revenue for the quarter was down 9.6% compared to the same quarter last year. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.9%. Patterson-UTI Energy's payout ratio is -11.59%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PTEN. Susquehanna lowered their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research report on Wednesday, June 4th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Citigroup reissued a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Finally, The Goldman Sachs Group lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $8.27.

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.