Profund Advisors LLC Has $780,000 Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Profund Advisors LLC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 75,312 shares of the oil and gas company’s stock after purchasing an additional 10,976 shares during the period. Profund Advisors LLC’s holdings in Patterson-UTI Energy were worth $780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC lifted 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 worth $25,000 after buying an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Patterson-UTI Energy by 119.5% in 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 purchasing an additional 1,307 shares during the period. Lindbrook Capital LLC grew its position 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 worth $40,000 after purchasing an additional 1,332 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $40,000. Finally, CWM LLC raised its position 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 valued at $48,000 after buying an additional 893 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Down 3.0 %

Shares of NASDAQ:PTEN opened at $8.27 on Wednesday. Patterson-UTI Energy, Inc. has a 52-week low of $7.60 and a 52-week high of $15.27. The company has a market capitalization of $3.32 billion, a PE ratio of 12.16 and a beta of 2.13. 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 company has a fifty day moving average of $9.14 and a 200-day moving average of $10.33.

Patterson-UTI Energy (NASDAQ:PTEN) 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 analysts’ consensus estimates 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 firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post 0.3 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors 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 3.87%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PTEN. Citigroup lowered their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Piper Sandler reduced their price objective on shares of 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. Stifel Nicolaus decreased 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 report on Tuesday, July 16th. Finally, Barclays cut their price target on shares of 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 issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.