CenterBook Partners LP Invests $3.49 Million in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CenterBook Partners LP acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 424,029 shares of the oil and gas company’s stock, valued at approximately $3,486,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. New Age Alpha Advisors LLC raised its position in Patterson-UTI Energy by 13.7% in the first quarter. New Age Alpha Advisors LLC now owns 544,983 shares of the oil and gas company’s stock valued at $4,480,000 after purchasing an additional 65,876 shares during the period. Ruffer LLP purchased a new stake in Patterson-UTI Energy in the first quarter valued at $4,278,000. SCP Investment LP purchased a new stake in Patterson-UTI Energy in the first quarter valued at $230,000. Blueshift Asset Management LLC purchased a new stake in Patterson-UTI Energy in the first quarter valued at $129,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Patterson-UTI Energy in the first quarter valued at $522,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of the firm’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup reiterated a “neutral” rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. Morgan Stanley cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, May 16th. Susquehanna lowered their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating for the company in a research report on Wednesday, June 4th. Barclays lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. lowered their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $9.08.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $6.20 on Tuesday. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.27. The company has a market capitalization of $2.39 billion, a P/E ratio of -2.38 and a beta of 1.32. The business has a 50 day moving average price of $6.03 and a 200 day moving average price of $7.16. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.40.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. Patterson-UTI Energy’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.15 EPS. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.17%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.31%.

Patterson-UTI Energy 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.