Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by SIR Capital Management L.P.

SIR Capital Management L.P. lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 69.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 534,316 shares of the oil and gas company's stock after selling 1,189,095 shares during the period. SIR Capital Management L.P. owned approximately 0.14% of Patterson-UTI Energy worth $5,536,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in Patterson-UTI Energy during the 4th quarter worth approximately $44,911,000. Balyasny Asset Management L.P. acquired a new position in Patterson-UTI Energy during the fourth quarter valued at $44,872,000. Webs Creek Capital Management LP purchased a new stake in Patterson-UTI Energy in the first quarter valued at $24,116,000. Vanguard Group Inc. grew its position in Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company's stock worth $486,449,000 after purchasing an additional 1,847,468 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company's stock valued at $17,052,000 after buying an additional 1,588,067 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.27 during midday trading on Tuesday, reaching $7.86. The stock had a trading volume of 6,064,594 shares, compared to its average volume of 6,846,222. Patterson-UTI Energy, Inc. has a 52-week low of $7.72 and a 52-week high of $16.17. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The company's fifty day simple moving average is $9.52 and its 200 day simple moving average is $10.57. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 11.56 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share 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 business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.41 billion. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.07%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analyst Weigh In

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 research note on Friday, August 16th. 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 target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a report on Friday, July 26th. ATB Capital cut their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Wednesday, September 4th. Finally, Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.