Neo Ivy Capital Management Buys 26,024 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Neo Ivy Capital Management raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 59.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 70,112 shares of the oil and gas company’s stock after purchasing an additional 26,024 shares during the period. Neo Ivy Capital Management’s holdings in Patterson-UTI Energy were worth $576,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Sequoia Financial Advisors LLC grew its holdings in Patterson-UTI Energy by 14.7% during the first quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 4,691 shares during the period. Northern Trust Corp boosted its stake in shares of Patterson-UTI Energy by 4.1% in the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock worth $35,426,000 after acquiring an additional 170,417 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Patterson-UTI Energy by 199.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company’s stock worth $511,000 after acquiring an additional 41,418 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Patterson-UTI Energy by 729.8% in the first quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company’s stock worth $1,093,000 after acquiring an additional 116,982 shares during the period. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $3,717,000. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the company’s stock in a transaction that occurred 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 directly owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $5.92 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.29 billion, a P/E ratio of -2.14 and a beta of 1.32. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.07. The business’s 50-day moving average is $6.04 and its 200 day moving average is $7.01.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the company earned $0.03 earnings per share. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.41%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -11.59%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Citigroup restated a “neutral” rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Susquehanna dropped their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating for the company in a research note on Wednesday, June 4th. Morgan Stanley dropped their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. Piper Sandler assumed coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price target for the company. Finally, The Goldman Sachs Group dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.36.

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.