Dana Investment Advisors Inc. Reduces Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Dana Investment Advisors Inc. decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 244,596 shares of the oil and gas company’s stock after selling 6,373 shares during the quarter. Dana Investment Advisors Inc. owned approximately 0.06% of Patterson-UTI Energy worth $2,534,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after buying an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Patterson-UTI Energy in the second quarter valued at $152,265,000. Allspring Global Investments Holdings LLC boosted its stake in Patterson-UTI Energy by 10.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock valued at $87,208,000 after acquiring an additional 703,536 shares in the last quarter. Deprince Race & Zollo Inc. increased its position in shares of Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after purchasing an additional 2,191,330 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $8.01 on Thursday. 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, Inc. has a one year low of $7.45 and a one year high of $14.26. The firm has a market capitalization of $3.15 billion, a P/E ratio of 11.78 and a beta of 2.13. The company’s fifty day moving average is $8.82 and its two-hundred day moving average is $10.17.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS 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 company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Analysts forecast that Patterson-UTI Energy, Inc. will post 0.29 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company 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. This represents a $0.32 annualized dividend and a yield of 4.00%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PTEN shares. Piper Sandler cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Morgan Stanley decreased their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. ATB Capital decreased their target price 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. Finally, Bank of America dropped their price target on 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.13.

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.