MQS Management LLC Takes $302,000 Position in Patterson-UTI Energy, Inc. $PTEN

MQS Management LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, Holdings Channel reports. The institutional investor acquired 50,979 shares of the oil and gas company’s stock, valued at approximately $302,000.

A number of other institutional investors also recently made changes to their positions in PTEN. Nuveen LLC purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $22,563,000. ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 25.2% in the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock valued at $105,089,000 after purchasing an additional 2,569,713 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Patterson-UTI Energy by 21.6% in the 1st quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock valued at $96,317,000 after purchasing an additional 2,080,960 shares in the last quarter. Trexquant Investment LP boosted its stake in shares of Patterson-UTI Energy by 432.7% in the 1st quarter. Trexquant Investment LP now owns 1,990,688 shares of the oil and gas company’s stock valued at $16,363,000 after purchasing an additional 1,617,019 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Patterson-UTI Energy by 197.3% in the 1st quarter. AQR Capital Management LLC now owns 1,424,589 shares of the oil and gas company’s stock valued at $11,710,000 after purchasing an additional 945,373 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 1.9%

Shares of NASDAQ PTEN opened at $6.63 on Monday. 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 12 month low of $5.10 and a 12 month high of $9.57. The firm has a market capitalization of $2.55 billion, a PE ratio of -18.42 and a beta of 1.23. The firm has a fifty day simple moving average of $5.64 and a two-hundred day simple moving average of $5.84.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data 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 company had revenue of $191.70 million during the quarter. Equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.08 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 4.8%. Patterson-UTI Energy’s dividend payout ratio is -88.89%.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research reports. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price objective for the company. Barclays reiterated an “equal weight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Patterson-UTI Energy in a report on Saturday. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Stifel Nicolaus lowered 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 report on Friday, July 25th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.39.

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.