First Citizens Bank & Trust Co. Takes Position in Patterson-UTI Energy, Inc. $PTEN

First Citizens Bank & Trust Co. purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 2nd quarter, HoldingsChannel reports. The firm purchased 29,770 shares of the oil and gas company’s stock, valued at approximately $177,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTEN. ARGA Investment Management LP grew its position in Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock worth $105,089,000 after acquiring an additional 2,569,713 shares in the last quarter. American Century Companies Inc. boosted its holdings in Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock worth $96,317,000 after purchasing an additional 2,080,960 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after buying an additional 220,422 shares during the last quarter. Nuveen LLC bought a new position in Patterson-UTI Energy during the first quarter valued at about $22,563,000. Finally, Edmond DE Rothschild Holding S.A. increased its holdings in shares of Patterson-UTI Energy by 6.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 2,225,000 shares of the oil and gas company’s stock valued at $18,290,000 after acquiring an additional 125,000 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PTEN shares. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, July 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Patterson-UTI Energy in a research report on Wednesday, October 8th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Piper Sandler initiated 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. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.39.

Patterson-UTI Energy Stock Down 1.1%

Shares of PTEN stock opened at $6.56 on Tuesday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The stock has a fifty day moving average price of $5.66 and a 200 day moving average price of $5.84. The stock has a market cap of $2.53 billion, a P/E ratio of -18.22 and a beta of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. The business had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. Analysts predict 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, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a yield of 4.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -88.89%.

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.