Intech Investment Management LLC Has $2.35 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Intech Investment Management LLC grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 396,719 shares of the oil and gas company’s stock after purchasing an additional 61,486 shares during the period. Intech Investment Management LLC’s holdings in Patterson-UTI Energy were worth $2,353,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Nordea Investment Management AB bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $3,847,000. CWM LLC raised its holdings in Patterson-UTI Energy by 587.5% in the 1st quarter. CWM LLC now owns 75,341 shares of the oil and gas company’s stock valued at $619,000 after acquiring an additional 64,383 shares in the last quarter. XTX Topco Ltd acquired a new position in Patterson-UTI Energy in the 1st quarter valued at $1,296,000. MetLife Investment Management LLC lifted its position in shares of Patterson-UTI Energy by 405.2% during the 1st quarter. MetLife Investment Management LLC now owns 1,174,959 shares of the oil and gas company’s stock valued at $9,658,000 after acquiring an additional 942,400 shares during the period. Finally, Natixis Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 161.1% during the 1st quarter. Natixis Advisors LLC now owns 102,660 shares of the oil and gas company’s stock worth $844,000 after purchasing an additional 63,348 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Down 3.7%

Shares of PTEN opened at $5.41 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $9.57. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -15.03 and a beta of 1.22. The stock has a fifty day moving average of $5.82 and a 200-day moving average of $5.86.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The firm had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. As a group, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PTEN. Susquehanna dropped their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research note on Wednesday, September 3rd. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Barclays reiterated an “equal weight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Finally, Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $7.39.

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.