Sagefield Capital LP Purchases New Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sagefield Capital LP acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 300,531 shares of the oil and gas company’s stock, valued at approximately $3,114,000. Sagefield Capital LP owned approximately 0.08% of Patterson-UTI Energy at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Xponance Inc. lifted its position in Patterson-UTI Energy by 18.0% in the 2nd quarter. Xponance Inc. now owns 25,302 shares of the oil and gas company’s stock valued at $262,000 after acquiring an additional 3,851 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Patterson-UTI Energy by 1.2% in the second quarter. Bank of Montreal Can now owns 441,081 shares of the oil and gas company’s stock worth $4,574,000 after purchasing an additional 5,245 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 107.7% in the second quarter. Evergreen Capital Management LLC now owns 21,649 shares of the oil and gas company’s stock valued at $224,000 after purchasing an additional 11,226 shares in the last quarter. Public Sector Pension Investment Board boosted its position in shares of Patterson-UTI Energy by 3.3% during the second quarter. Public Sector Pension Investment Board now owns 680,507 shares of the oil and gas company’s stock valued at $7,050,000 after buying an additional 21,923 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in shares of Patterson-UTI Energy during the second quarter valued at approximately $117,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several recent analyst reports. Citigroup dropped 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. Susquehanna dropped their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. ATB Capital reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Stock Up 1.9 %

PTEN stock opened at $8.53 on Tuesday. The stock has a fifty day moving average of $9.19 and a 200-day moving average of $10.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.60 and a fifty-two week high of $15.27. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 12.54 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.

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 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 business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. As a group, equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.08 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.75%. Patterson-UTI Energy’s dividend payout ratio is 47.06%.

Patterson-UTI Energy 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.