695,431 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Mesirow Institutional Investment Management Inc.

Mesirow Institutional Investment Management Inc. purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 695,431 shares of the oil and gas company's stock, valued at approximately $7,205,000. Mesirow Institutional Investment Management Inc. owned about 0.18% of Patterson-UTI Energy as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its stake in shares of Patterson-UTI Energy by 92.1% during the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company's stock valued at $9,809,000 after acquiring an additional 435,490 shares during the period. Pingora Partners LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth about $245,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Patterson-UTI Energy by 25.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company's stock valued at $5,931,000 after purchasing an additional 100,626 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its holdings in shares of Patterson-UTI Energy by 37.8% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company's stock valued at $14,580,000 after acquiring an additional 370,000 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Patterson-UTI Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock valued at $556,352,000 after purchasing an additional 1,554,020 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded down $0.28 during midday trading on Wednesday, hitting $8.45. The company had a trading volume of 6,011,240 shares, compared to its average volume of 6,862,492. The firm has a 50-day moving average price of $9.72 and a 200-day moving average price of $10.70. The company has a market capitalization of $3.32 billion, a PE ratio of 12.85 and a beta of 2.13. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy, Inc. has a twelve month low of $8.41 and a twelve month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1.41 billion. As a group, analysts anticipate 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 declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy's payout ratio is 47.06%.

Wall Street Analyst Weigh In

Several research firms have issued reports on PTEN. ATB Capital dropped their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday. Bank of America lowered their price target on 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. Piper Sandler cut their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, July 16th. Finally, Barclays cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.29.

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.