Quotient Wealth Partners LLC Trims Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Quotient Wealth Partners LLC trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 32.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,475 shares of the oil and gas company’s stock after selling 9,552 shares during the period. Quotient Wealth Partners LLC’s holdings in Patterson-UTI Energy were worth $115,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Sequoia Financial Advisors LLC grew its stake in Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 4,691 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Patterson-UTI Energy by 199.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company’s stock valued at $511,000 after buying an additional 41,418 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Patterson-UTI Energy by 729.8% in the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company’s stock valued at $1,093,000 after buying an additional 116,982 shares in the last quarter. CWM LLC grew its stake 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 buying an additional 64,383 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Patterson-UTI Energy by 102.8% in the 1st quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company’s stock valued at $112,000 after buying an additional 6,891 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $5.51 on Monday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $9.57. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The company has a market capitalization of $2.12 billion, a P/E ratio of -2.00 and a beta of 1.23. The company has a fifty day moving average of $5.57 and a 200-day moving average of $5.83.

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

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is currently -11.59%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday, September 3rd. Stifel Nicolaus reduced their price target 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. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a “neutral” rating and a $7.00 price target for the company. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Finally, 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. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.80.

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.