AQR Capital Management LLC Buys 285,790 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

AQR Capital Management LLC lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 148.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 478,405 shares of the oil and gas company’s stock after buying an additional 285,790 shares during the quarter. AQR Capital Management LLC owned about 0.12% of Patterson-UTI Energy worth $4,956,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its holdings in Patterson-UTI Energy by 320.7% in the 1st 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 during the period. Hexagon Capital Partners LLC grew its position in shares of Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Patterson-UTI Energy during the 4th quarter valued at approximately $40,000. CWM LLC lifted its holdings in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in Patterson-UTI Energy in the 1st quarter worth approximately $56,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. ATB Capital dropped 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 report on Wednesday, September 4th. Susquehanna reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. 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. Finally, Bank of America cut their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $8.48 on Friday. The firm has a market capitalization of $3.41 billion, a PE ratio of 12.47 and a beta of 2.12. The stock’s fifty day moving average is $8.74 and its 200 day moving average is $10.14. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. 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 announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share 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 analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 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.