Patterson-UTI Energy, Inc. $PTEN Shares Sold by Sage Rhino Capital LLC

Sage Rhino Capital LLC trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,082 shares of the oil and gas company’s stock after selling 2,562 shares during the quarter. Sage Rhino Capital LLC’s holdings in Patterson-UTI Energy were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Patterson-UTI Energy by 9.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 834,275 shares of the oil and gas company’s stock worth $6,891,000 after buying an additional 73,184 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Patterson-UTI Energy by 172.7% in the 4th quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company’s stock worth $573,000 after acquiring an additional 43,927 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Patterson-UTI Energy in the 4th quarter valued at about $3,705,000. Wealth Enhancement Advisory Services LLC boosted its stake in Patterson-UTI Energy by 29.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 20,770 shares of the oil and gas company’s stock valued at $172,000 after purchasing an additional 4,719 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Patterson-UTI Energy by 1,567.3% during the 1st quarter. GAMMA Investing LLC now owns 111,726 shares of the oil and gas company’s stock valued at $918,000 after purchasing an additional 105,025 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut 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. Barclays cut their target price on Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 29th. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price target for the company. Susquehanna cut 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 research note on Wednesday, September 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $7.90.

Patterson-UTI Energy Stock Up 1.5%

Shares of PTEN stock opened at $5.58 on Monday. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year 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 business’s fifty day moving average is $5.64 and its 200-day moving average is $6.10. The stock has a market cap of $2.15 billion, a PE ratio of -2.02 and a beta of 1.35.

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). The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. During the same period in the prior year, the business earned $0.03 EPS. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. Equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is presently -11.59%.

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.