nVerses Capital LLC Invests $75,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

nVerses Capital LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,800 shares of the oil and gas company’s stock, valued at approximately $75,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. CWM LLC grew 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 valued at $48,000 after buying an additional 893 shares during the period. InTrack Investment Management Inc boosted its position in shares of Patterson-UTI Energy by 3.2% in the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after acquiring an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in Patterson-UTI Energy by 119.5% in the second 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. Sage Rhino Capital LLC increased its position in Patterson-UTI Energy by 15.8% during the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its stake in Patterson-UTI Energy by 15.9% during the first quarter. Bleakley Financial Group LLC now owns 18,255 shares of the oil and gas company’s stock worth $218,000 after purchasing an additional 2,506 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $7.90 on Tuesday. 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 firm’s fifty day moving average price is $8.45 and its 200 day moving average price is $9.85. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 11.68 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12-month low of $7.45 and a 12-month high of $13.70.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly 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 business had revenue of $1.35 billion during 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%. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post 0.22 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. Shareholders of record on Tuesday, September 3rd were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. ATB Capital lowered 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 note on Wednesday, September 4th. Citigroup lowered their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Finally, Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. One 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.54.

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.