Quantbot Technologies LP Increases Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Quantbot Technologies LP raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 81.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 316,210 shares of the oil and gas company's stock after buying an additional 142,353 shares during the period. Quantbot Technologies LP owned about 0.08% of Patterson-UTI Energy worth $3,276,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Fortitude Family Office LLC raised its position in 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 in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of 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 in the last quarter. Lindbrook Capital LLC lifted its position in 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 during the last quarter. Neo Ivy Capital Management bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $40,000. Finally, CWM LLC boosted its stake in 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 buying an additional 893 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on PTEN shares. Barclays decreased 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 research note on Friday, August 16th. ATB Capital lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Wednesday, September 4th. StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Monday, August 5th. Bank of America lowered their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research note on Monday, July 15th. Finally, Piper Sandler reduced their price target 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 analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.13.

Patterson-UTI Energy Trading Up 3.3 %

PTEN stock traded up $0.27 on Tuesday, reaching $8.40. The company's stock had a trading volume of 4,138,183 shares, compared to its average volume of 6,798,893. 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 fifty day simple moving average of $9.36 and a two-hundred day simple moving average of $10.47. The firm has a market cap of $3.37 billion, a PE ratio of 12.35 and a beta of 2.13. Patterson-UTI Energy, Inc. has a 12-month low of $7.60 and a 12-month high of $15.97.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS 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 company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.41 billion. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post 0.3 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.81%. Patterson-UTI Energy's payout ratio is 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.