Pacer Advisors Inc. Takes $152.27 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 14,697,369 shares of the oil and gas company’s stock, valued at approximately $152,265,000. Pacer Advisors Inc. owned 3.66% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Fortitude Family Office LLC lifted 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 worth $25,000 after acquiring an additional 1,594 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake 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 holdings 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 valued at $40,000 after buying an additional 1,332 shares in the last quarter. Neo Ivy Capital Management bought a new position in Patterson-UTI Energy during the 4th quarter worth $40,000. Finally, CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% during 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.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. ATB Capital lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. 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 report on Tuesday, July 16th. Barclays cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Bank of America lowered their price objective 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. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.37 on Friday. The business’s 50 day simple moving average is $9.23 and its 200 day simple moving average is $10.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. Patterson-UTI Energy, Inc. has a one year low of $7.60 and a one year high of $15.27. The stock has a market capitalization of $3.29 billion, a PE ratio of 12.31 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data 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 company had revenue of $1.35 billion for the quarter, compared to analyst estimates 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, research analysts forecast 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 declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend was Tuesday, September 3rd. 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.