Kingsview Wealth Management LLC Invests $3.09 Million in Patterson-UTI Energy, Inc. $PTEN

Kingsview Wealth Management LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 521,048 shares of the oil and gas company’s stock, valued at approximately $3,090,000. Kingsview Wealth Management LLC owned 0.14% of Patterson-UTI Energy as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ARGA Investment Management LP boosted its holdings in shares of Patterson-UTI Energy by 3.5% in the 2nd quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock valued at $78,502,000 after buying an additional 453,519 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Patterson-UTI Energy by 21.6% during 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 during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the period. Monaco Asset Management SAM raised its stake in shares of Patterson-UTI Energy by 694.8% during the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock worth $18,146,000 after buying an additional 2,675,000 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Patterson-UTI Energy in the first quarter worth $22,563,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PTEN. Stifel Nicolaus dropped 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. Barclays restated an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Thursday, November 13th. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.39.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $5.79 on Wednesday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -16.08 and a beta of 1.22. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The company’s 50-day simple moving average is $5.82 and its 200-day simple moving average is $5.87. 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 (NASDAQ:PTEN) last released its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The business had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. Equities 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 business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -88.89%.

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.