Van ECK Associates Corp Reduces Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Van ECK Associates Corp trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 9.0% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 7,146,317 shares of the oil and gas company's stock after selling 703,509 shares during the quarter. Van ECK Associates Corp owned about 1.78% of Patterson-UTI Energy worth $74,036,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Fortitude Family Office LLC raised its holdings in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC raised its stake 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 valued at $25,000 after buying an additional 1,307 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock valued at $40,000 after buying an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the 4th quarter worth $40,000. Finally, CWM LLC grew 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 acquiring an additional 893 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

PTEN has been the topic of a number of recent research reports. Barclays lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating for the company in a report on Friday, July 26th. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Monday, August 5th. Evercore ISI reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, May 3rd. Finally, Piper Sandler lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $14.59.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.14 during trading hours on Friday, hitting $9.21. The company's stock had a trading volume of 6,754,551 shares, compared to its average volume of 6,869,427. The company has a market cap of $3.70 billion, a PE 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 business has a 50 day moving average price of $9.77 and a two-hundred 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 earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. 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 business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 47.06%.

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.