Patterson-UTI Energy, Inc. $PTEN Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,833 shares of the oil and gas company’s stock after selling 12,091 shares during the period. ProShare Advisors LLC’s holdings in Patterson-UTI Energy were worth $467,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Patterson-UTI Energy in the first quarter valued at approximately $22,563,000. Monaco Asset Management SAM boosted its stake in Patterson-UTI Energy by 694.8% during the second quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock worth $18,146,000 after buying an additional 2,675,000 shares during the last quarter. American Century Companies Inc. grew its holdings in 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 buying an additional 2,080,960 shares in the last quarter. Trexquant Investment LP increased 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 worth $16,363,000 after acquiring an additional 1,617,019 shares during the last quarter. Finally, AQR Capital Management LLC increased 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 worth $11,710,000 after acquiring an additional 945,373 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 2.9%

Patterson-UTI Energy stock opened at $5.62 on Thursday. The stock has a market cap of $2.13 billion, a PE ratio of -15.61 and a beta of 1.22. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The stock’s fifty day moving average is $5.82 and its two-hundred day moving average is $5.87. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The business had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. On average, sell-side analysts expect 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 will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a yield of 5.7%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -88.89%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PTEN. Zacks Research raised shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Thursday, November 13th. Barclays reiterated 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, October 13th. Finally, Stifel Nicolaus lowered their price objective on 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. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price 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.