Susquehanna Fundamental Investments LLC Makes New $4.94 Million Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Susquehanna Fundamental Investments LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 413,549 shares of the oil and gas company’s stock, valued at approximately $4,938,000.

A number of other institutional investors have also recently modified their holdings of PTEN. Fortitude Family Office LLC increased its holdings in Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $40,000. CWM LLC raised its holdings in Patterson-UTI Energy by 28.5% during the first 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 during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth $56,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PTEN shares. Bank of America cut their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Evercore ISI cut their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, 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 research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $15.36.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Up 2.8 %

Shares of PTEN stock traded up $0.29 during mid-day trading on Monday, hitting $10.54. 3,350,690 shares of the company’s stock were exchanged, compared to its average volume of 6,715,096. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 15.07 and a beta of 2.19. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.51 and a fifty-two week high of $16.17. The stock has a 50-day simple moving average of $10.47 and a two-hundred day simple moving average of $10.96.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business posted $0.46 earnings per share. Equities analysts expect that Patterson-UTI Energy, Inc. will post 0.56 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.04%. Patterson-UTI Energy’s payout ratio is 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.