Patterson-UTI Energy, Inc. $PTEN Position Raised by Profund Advisors LLC

Profund Advisors LLC grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 73,038 shares of the oil and gas company’s stock after purchasing an additional 11,282 shares during the quarter. Profund Advisors LLC’s holdings in Patterson-UTI Energy were worth $433,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at approximately $54,000. Smartleaf Asset Management LLC grew its holdings in Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after buying an additional 2,323 shares in the last quarter. Oak Family Advisors LLC acquired a new stake in Patterson-UTI Energy in the 2nd quarter valued at approximately $74,000. Stratos Wealth Partners LTD. bought a new stake in Patterson-UTI Energy during the 2nd quarter valued at $81,000. Finally, Hodges Capital Management Inc. bought a new stake in Patterson-UTI Energy during the 1st quarter valued at $82,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Stifel Nicolaus decreased their target price on shares of 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 set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd. Finally, Royal Bank Of Canada raised 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 analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and a consensus price target of $7.39.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $5.85 on Friday. The company has a 50-day moving average of $5.80 and a 200-day moving average of $5.87. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -16.25 and a beta of 1.22. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The business had revenue of $191.70 million during the quarter. Analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio is -88.89%.

Patterson-UTI Energy Company 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.