Ceredex Value Advisors LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ceredex Value Advisors LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,161,200 shares of the oil and gas company's stock, valued at approximately $12,030,000. Ceredex Value Advisors LLC owned 0.29% of Patterson-UTI Energy as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. CWM LLC grew its stake 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 valued at $48,000 after buying an additional 893 shares in the last quarter. InTrack Investment Management Inc boosted its position in Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock worth $341,000 after purchasing an additional 1,037 shares during the period. Commerce Bank boosted its position in Patterson-UTI Energy by 4.7% during the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company's stock worth $284,000 after purchasing an additional 1,186 shares during the period. Hexagon Capital Partners LLC boosted its position in Patterson-UTI Energy by 119.5% during the second 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 during the period. Finally, Lindbrook Capital LLC boosted its position in Patterson-UTI Energy by 66.5% during the first 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. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Evercore ISI reduced their target price on shares of 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. Piper Sandler dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Monday, July 15th. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, July 16th. Benchmark reaffirmed a "hold" rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Finally, Susquehanna dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating for the company in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $14.59.

Patterson-UTI Energy Trading Up 3.2 %

Shares of Patterson-UTI Energy stock traded up $0.29 on Friday, hitting $9.31. The stock had a trading volume of 7,871,932 shares, compared to its average volume of 6,908,094. The stock has a 50 day moving average of $9.84 and a 200 day moving average of $10.78. Patterson-UTI Energy, Inc. has a twelve month low of $8.64 and a twelve month high of $16.17. The firm has a market capitalization of $3.74 billion, a P/E ratio of 13.69 and a beta of 2.18. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results 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). The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.33 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy's payout ratio is 47.06%.

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.