First Citizens Bank & Trust Co. Buys New Stake in Patterson-UTI Energy, Inc. $PTEN

First Citizens Bank & Trust Co. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 29,770 shares of the oil and gas company’s stock, valued at approximately $177,000.

A number of other large investors also recently modified their holdings of the business. State of Wyoming acquired a new position in Patterson-UTI Energy during the 1st quarter valued at about $54,000. Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 41.0% during the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after acquiring an additional 2,323 shares during the period. Hodges Capital Management Inc. bought a new stake in Patterson-UTI Energy during the first quarter worth approximately $82,000. Wedbush Securities Inc. acquired a new stake in Patterson-UTI Energy in the first quarter worth approximately $85,000. Finally, First Manhattan CO. LLC. acquired a new stake in Patterson-UTI Energy in the first quarter worth approximately $86,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 1.1%

NASDAQ PTEN opened at $6.56 on Tuesday. The firm’s 50 day moving average price is $5.66 and its two-hundred day moving average price is $5.84. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -18.22 and a beta of 1.23. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million for the quarter. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $0.08 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a yield of 4.9%. Patterson-UTI Energy’s dividend payout ratio is presently -88.89%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PTEN shares. Susquehanna decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research note on Wednesday, September 3rd. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Piper Sandler started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a “neutral” rating and a $7.00 target price for the company. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.39.

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.