World Asset Management Inc increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,769 shares of the oil and gas company’s stock after buying an additional 2,783 shares during the quarter. World Asset Management Inc’s holdings in Patterson-UTI Energy were worth $72,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. First Trust Advisors LP grew its holdings in Patterson-UTI Energy by 1,622.6% during the second quarter. First Trust Advisors LP now owns 4,656,668 shares of the oil and gas company’s stock worth $16,159,000 after buying an additional 4,386,345 shares in the last quarter. Cerebellum GP LLC bought a new stake in Patterson-UTI Energy during the second quarter worth $1,691,000. Oregon Public Employees Retirement Fund grew its holdings in Patterson-UTI Energy by 15.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 88,000 shares of the oil and gas company’s stock worth $305,000 after buying an additional 11,986 shares in the last quarter. New York State Teachers Retirement System boosted its position in Patterson-UTI Energy by 28.3% in the second quarter. New York State Teachers Retirement System now owns 342,917 shares of the oil and gas company’s stock worth $1,190,000 after purchasing an additional 75,714 shares during the last quarter. Finally, Zeke Capital Advisors LLC boosted its position in Patterson-UTI Energy by 90.7% in the second quarter. Zeke Capital Advisors LLC now owns 35,159 shares of the oil and gas company’s stock worth $122,000 after purchasing an additional 16,719 shares during the last quarter.
Shares of PTEN opened at $3.88 on Friday. The stock has a market capitalization of $740.25 million, a price-to-earnings ratio of -0.80 and a beta of 2.69. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.55 and a current ratio of 1.90. The stock’s 50-day simple moving average is $3.80 and its 200 day simple moving average is $4.55. Patterson-UTI Energy, Inc. has a 52-week low of $1.61 and a 52-week high of $12.05.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.08 annualized dividend and a dividend yield of 2.06%. Patterson-UTI Energy’s dividend payout ratio is presently -8.08%.
Several research analysts have weighed in on the company. Gabelli cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Monday, April 27th. Piper Sandler boosted their price objective on Patterson-UTI Energy from $2.00 to $4.00 and gave the stock a “neutral” rating in a research report on Thursday, May 28th. Credit Suisse Group boosted their price objective on Patterson-UTI Energy from $2.40 to $2.75 and gave the stock an “underperform” rating in a research report on Friday, July 24th. BidaskClub raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Cowen cut Patterson-UTI Energy from an “outperform” rating to a “market perform” rating and set a $3.00 price objective on the stock. in a research report on Tuesday, April 14th. Ten equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $5.82.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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