Commonwealth Equity Services LLC Invests $525,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Commonwealth Equity Services LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 50,651 shares of the oil and gas company’s stock, valued at approximately $525,000.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $44,911,000. Balyasny Asset Management L.P. bought a new position in Patterson-UTI Energy in the 4th quarter valued at $44,872,000. Webs Creek Capital Management LP acquired a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $24,116,000. Vanguard Group Inc. increased its stake in shares of Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after buying an additional 1,847,468 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of Patterson-UTI Energy by 2,744.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock worth $17,052,000 after purchasing an additional 1,588,067 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PTEN shares. Royal Bank of Canada decreased their price objective 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. Piper Sandler dropped their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Citigroup lowered their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Barclays decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Finally, Susquehanna cut their target price on 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. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.37 on Friday. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 12.31 and a beta of 2.13. Patterson-UTI Energy, Inc. has a twelve month low of $7.60 and a twelve month high of $15.27. The stock has a fifty day simple moving average of $9.27 and a 200 day simple moving average of $10.42. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly 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). The business 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%. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.3 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given 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 3.82%. Patterson-UTI Energy’s payout ratio is 47.06%.

Patterson-UTI Energy Company 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.