American Century Companies Inc. Purchases 2,191,330 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

American Century Companies Inc. raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 62.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,683,096 shares of the oil and gas company's stock after buying an additional 2,191,330 shares during the period. American Century Companies Inc. owned about 1.45% of Patterson-UTI Energy worth $58,877,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $44,911,000. Balyasny Asset Management L.P. acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $44,872,000. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $24,116,000. Vanguard Group Inc. lifted its stake in shares of Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company's stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in 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 worth $17,052,000 after buying an additional 1,588,067 shares during the period. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.22 during mid-day trading on Monday, reaching $8.13. 4,037,999 shares of the company's stock were exchanged, compared to its average volume of 6,813,840. The business's fifty day simple moving average is $9.36 and its 200 day simple moving average is $10.47. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy, Inc. has a one year low of $7.60 and a one year high of $15.97. The firm has a market capitalization of $3.27 billion, a PE ratio of 11.96 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. 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

A number of research analysts recently weighed in on the company. Morgan Stanley dropped their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday. Barclays dropped their price target 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. Bank of America dropped their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research note on Monday, July 15th. Piper Sandler dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Finally, Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $13.13.

Patterson-UTI Energy Company 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.