Corigliano Investment Advisers LLC Takes Position in Patterson-UTI Energy, Inc. $PTEN

Corigliano Investment Advisers LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 400,000 shares of the oil and gas company’s stock, valued at approximately $3,288,000. Patterson-UTI Energy accounts for about 1.5% of Corigliano Investment Advisers LLC’s holdings, making the stock its 25th largest position. Corigliano Investment Advisers LLC owned about 0.10% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Readystate Asset Management LP increased its stake in Patterson-UTI Energy by 4.1% during the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company’s stock worth $426,000 after buying an additional 2,019 shares during the period. Xponance Inc. increased its stake in Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company’s stock worth $245,000 after buying an additional 2,057 shares during the period. Blue Trust Inc. increased its stake in Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock worth $59,000 after buying an additional 2,153 shares during the period. Smartleaf Asset Management LLC increased its stake in Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after buying an additional 2,323 shares during the period. Finally, Yousif Capital Management LLC increased its stake in Patterson-UTI Energy by 1.8% during the 1st quarter. Yousif Capital Management LLC now owns 136,849 shares of the oil and gas company’s stock worth $1,125,000 after buying an additional 2,378 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 3.8%

NASDAQ PTEN opened at $5.52 on Thursday. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $9.57. The company has a 50-day simple moving average of $5.86 and a 200-day simple moving average of $6.42. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The firm has a market capitalization of $2.13 billion, a PE ratio of -2.00 and a beta of 1.35.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the firm posted $0.03 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is presently -11.59%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PTEN. JPMorgan Chase & Co. dropped their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 target price for the company. Royal Bank Of Canada dropped their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating for the company in a research report on Friday, July 25th. Finally, Barclays dropped their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, July 29th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.90.

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.