Point72 Asia Singapore Pte. Ltd. Has $55,000 Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asia Singapore Pte. Ltd. decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 85.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 5,330 shares of the oil and gas company’s stock after selling 31,301 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Patterson-UTI Energy were worth $55,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co boosted its stake in Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after purchasing an additional 100,626 shares during the period. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares during the period. UniSuper Management Pty Ltd acquired a new position in Patterson-UTI Energy in the 1st quarter worth approximately $990,000. 1832 Asset Management L.P. acquired a new position in Patterson-UTI Energy in the 4th quarter worth approximately $1,706,000. Finally, Natixis acquired a new position in Patterson-UTI Energy in the 1st quarter worth approximately $617,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research reports. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research note on Thursday, July 11th. Piper Sandler decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. ATB Capital decreased their target price 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 raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Morgan Stanley decreased their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Four equities research analysts have rated the stock with 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 company has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.48 on Friday. The company has a market capitalization of $3.41 billion, a PE ratio of 12.47 and a beta of 2.12. Patterson-UTI Energy, Inc. has a one year low of $7.45 and a one year high of $14.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company’s fifty day moving average price is $8.74 and its 200 day moving average price is $10.14.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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). The firm had revenue of $1.35 billion during 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%. As a group, analysts expect that Patterson-UTI Energy, Inc. will post 0.29 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.77%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 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.