Patterson-UTI Energy, Inc. $PTEN Shares Sold by Bayforest Capital Ltd

Bayforest Capital Ltd lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 26.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,914 shares of the oil and gas company’s stock after selling 33,563 shares during the quarter. Bayforest Capital Ltd’s holdings in Patterson-UTI Energy were worth $551,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Patterson-UTI Energy during the 1st quarter worth $54,000. Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock worth $59,000 after acquiring an additional 2,153 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after acquiring an additional 2,323 shares during the period. Oak Family Advisors LLC purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter worth $74,000. Finally, Hodges Capital Management Inc. purchased a new position in shares of Patterson-UTI Energy during the 1st quarter worth $82,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $5.68 on Wednesday. The stock has a 50-day moving average of $5.55 and a two-hundred day moving average of $5.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57. The company has a market cap of $2.19 billion, a P/E ratio of -2.06 and a beta of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The firm had revenue of $191.70 million for the quarter. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -11.59%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PTEN. Royal Bank Of Canada reduced their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating on the stock in a report on Friday, July 25th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Weiss Ratings restated a “sell (d)” rating on shares of Patterson-UTI Energy in a report on Wednesday, October 8th. Barclays restated an “equal weight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday. Finally, Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, September 3rd. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.80.

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.