Patterson-UTI Energy, Inc. $PTEN Shares Sold by Sage Rhino Capital LLC

Sage Rhino Capital LLC trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,082 shares of the oil and gas company’s stock after selling 2,562 shares during the quarter. Sage Rhino Capital LLC’s holdings in Patterson-UTI Energy were worth $84,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at $22,563,000. ARGA Investment Management LP boosted its holdings in shares of Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock worth $105,089,000 after buying an additional 2,569,713 shares during the period. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock worth $96,317,000 after buying an additional 2,080,960 shares during the period. Trexquant Investment LP increased its position in shares of Patterson-UTI Energy by 432.7% in the first quarter. Trexquant Investment LP now owns 1,990,688 shares of the oil and gas company’s stock worth $16,363,000 after acquiring an additional 1,617,019 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Patterson-UTI Energy by 197.3% during the first quarter. AQR Capital Management LLC now owns 1,424,589 shares of the oil and gas company’s stock valued at $11,710,000 after acquiring an additional 945,373 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PTEN shares. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price objective for the company. Barclays decreased their target price on 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. Royal Bank Of Canada dropped their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating on the stock in a research report on Friday, July 25th. Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, September 3rd. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.90.

Patterson-UTI Energy Price Performance

PTEN opened at $5.58 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $9.57. The stock has a fifty day moving average price of $5.64 and a 200 day moving average price of $6.10. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -2.02 and a beta of 1.35.

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

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.7%. The ex-dividend date was Tuesday, September 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -11.59%.

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.