XTX Topco Ltd Takes $1.30 Million Position in 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 purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 157,718 shares of the oil and gas company's stock, valued at approximately $1,296,000.

Other large investors have also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. grew its position in Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after buying an additional 1,596 shares during the period. Gallagher Fiduciary Advisors LLC grew its position in shares of Patterson-UTI Energy by 13.2% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock valued at $123,000 after purchasing an additional 1,731 shares during the last quarter. Readystate Asset Management LP grew its position in shares of Patterson-UTI Energy by 4.1% in the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock valued at $426,000 after purchasing an additional 2,019 shares during the last quarter. Xponance Inc. grew its position in shares of Patterson-UTI Energy by 7.4% in the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock valued at $245,000 after purchasing an additional 2,057 shares during the last quarter. Finally, 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 last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction on Friday, May 9th. The shares were 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 of the company's stock, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Trading Down 2.6%

NASDAQ:PTEN traded down $0.15 during trading hours on Wednesday, reaching $5.45. 5,073,256 shares of the company were exchanged, compared to its average volume of 11,682,303. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -1.97 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.66. The stock has a 50 day simple moving average of $6.06 and a 200 day simple moving average of $6.85.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $1.22 billion for the quarter, compared to analysts' expectations 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 for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 EPS. As a group, analysts predict 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. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend 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 (DPR) is currently -11.59%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Citigroup reiterated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. 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 research report on Friday, July 25th. JPMorgan Chase & Co. lowered their price target on shares of 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. Royal Bank Of Canada lowered their price target 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. Finally, Susquehanna decreased their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Hold" and a consensus target price of $8.27.

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.