F M Investments LLC Takes $5.70 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

F M Investments LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 550,023 shares of the oil and gas company's stock, valued at approximately $5,698,000. F M Investments LLC owned 0.14% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Fortitude Family Office LLC raised 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 acquiring an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC lifted 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 valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of 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 buying an additional 1,332 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $40,000. Finally, CWM LLC raised its position in shares of Patterson-UTI Energy by 28.5% during the 1st 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. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 1.5 %

PTEN traded down $0.14 on Friday, hitting $9.21. The company had a trading volume of 6,754,531 shares, compared to its average volume of 6,869,427. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 13.54 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. The stock has a fifty day moving average price of $9.77 and a 200-day moving average price of $10.73. Patterson-UTI Energy, Inc. has a 12-month low of $8.64 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.41 billion. Analysts predict that Patterson-UTI Energy, Inc. will post 0.33 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.47%. Patterson-UTI Energy's dividend payout ratio is presently 47.06%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PTEN. Stifel Nicolaus lowered their price objective 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. Susquehanna dropped their price objective on shares of 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. Bank of America cut their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research report on Monday, July 15th. Benchmark restated a "hold" rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Barclays cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and an average target price of $14.59.

About Patterson-UTI Energy

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.