Nuveen LLC Takes Position in Patterson-UTI Energy, Inc. $PTEN

Nuveen LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,744,901 shares of the oil and gas company’s stock, valued at approximately $22,563,000. Nuveen LLC owned about 0.71% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Summit Investment Advisors Inc. grew its stake in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock valued at $336,000 after buying an additional 1,596 shares during the last quarter. Gallagher Fiduciary Advisors LLC grew its stake in shares of Patterson-UTI Energy by 13.2% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 1,731 shares during the last quarter. Readystate Asset Management LP grew its stake in shares of Patterson-UTI Energy by 4.1% during the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company’s stock valued at $426,000 after buying an additional 2,019 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.4% in the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company’s stock valued at $245,000 after purchasing an additional 2,057 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Patterson-UTI Energy by 42.9% in the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock valued at $59,000 after purchasing an additional 2,153 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 0.2%

Patterson-UTI Energy stock opened at $5.39 on Tuesday. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $9.66. The business has a fifty day moving average of $6.02 and a two-hundred day moving average of $6.64. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The firm has a market cap of $2.08 billion, a P/E ratio of -1.95 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.9%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is -11.59%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Piper Sandler assumed coverage on Patterson-UTI Energy in a report on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price target for the company. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, July 25th. Citigroup reiterated a “neutral” rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. Royal Bank Of Canada lowered their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating for the company in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $8.27.

Patterson-UTI Energy 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.