Sumitomo Mitsui Trust Holdings Inc. Invests $495,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 47,797 shares of the oil and gas company's stock, valued at approximately $495,000.

Several other large investors also recently modified their holdings of the company. Fortitude Family Office LLC boosted its holdings in shares of Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company's stock worth $25,000 after buying an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Lindbrook Capital LLC boosted its stake in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 1,332 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $40,000. Finally, CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock worth $48,000 after buying an additional 893 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 3.2 %

NASDAQ:PTEN traded up $0.29 during trading hours on Friday, reaching $9.31. The company's stock had a trading volume of 7,871,932 shares, compared to its average volume of 6,908,094. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 13.69 and a beta of 2.18. The firm has a 50-day simple moving average of $9.84 and a 200-day simple moving average of $10.78. Patterson-UTI Energy, Inc. has a 1 year low of $8.64 and a 1 year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.41 billion. Research analysts expect that Patterson-UTI Energy, Inc. will post 0.33 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.44%. Patterson-UTI Energy's payout ratio is currently 47.06%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Monday, August 5th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a research report on Friday, July 26th. Barclays reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Friday, August 16th. Evercore ISI dropped their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an "outperform" rating for the company in a research report on Friday, May 3rd. Finally, Bank of America cut their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus target price of $14.59.

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.