Magnetar Financial LLC Has $2.62 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Magnetar Financial LLC lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 253,096 shares of the oil and gas company’s stock after selling 8,751 shares during the quarter. Magnetar Financial LLC owned about 0.06% of Patterson-UTI Energy worth $2,622,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PTEN. Public Sector Pension Investment Board grew its holdings in shares of Patterson-UTI Energy by 3.3% during the second quarter. Public Sector Pension Investment Board now owns 680,507 shares of the oil and gas company’s stock worth $7,050,000 after buying an additional 21,923 shares in the last quarter. DRW Securities LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $117,000. 1832 Asset Management L.P. grew its stake in shares of Patterson-UTI Energy by 279.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 655,449 shares of the oil and gas company’s stock worth $6,790,000 after acquiring an additional 482,500 shares in the last quarter. Profund Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 17.1% in the second quarter. Profund Advisors LLC now owns 75,312 shares of the oil and gas company’s stock valued at $780,000 after purchasing an additional 10,976 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Patterson-UTI Energy by 26.7% in the second quarter. Sei Investments Co. now owns 687,346 shares of the oil and gas company’s stock worth $7,121,000 after purchasing an additional 144,660 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 1.9 %

Patterson-UTI Energy stock opened at $8.53 on Tuesday. The company’s 50-day moving average price is $9.19 and its two-hundred day moving average price is $10.35. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3.43 billion, a P/E ratio of 12.54 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.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly 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 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%. As a group, analysts expect that Patterson-UTI Energy, Inc. will post 0.3 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.08 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.75%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PTEN shares. 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 report on Wednesday, September 4th. Barclays decreased their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Citigroup dropped their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Finally, Morgan Stanley decreased their target price 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently 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.