Patterson-UTI Energy, Inc. $PTEN Shares Bought by Profund Advisors LLC

Profund Advisors LLC lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,038 shares of the oil and gas company’s stock after purchasing an additional 11,282 shares during the period. Profund Advisors LLC’s holdings in Patterson-UTI Energy were worth $433,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in Patterson-UTI Energy by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock worth $90,000 after buying an additional 1,615 shares during the period. Readystate Asset Management LP grew its stake in shares of Patterson-UTI Energy by 4.1% during the first quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company’s stock valued at $426,000 after acquiring an additional 2,019 shares in the last quarter. Xponance Inc. increased its position in shares of Patterson-UTI Energy by 7.4% during the first quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company’s stock worth $245,000 after acquiring an additional 2,057 shares during the last quarter. Somerset Trust Co lifted its stake in shares of Patterson-UTI Energy by 8.0% in the second quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock worth $182,000 after acquiring an additional 2,275 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Patterson-UTI Energy by 41.0% in 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 purchasing an additional 2,323 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 2.0%

Shares of NASDAQ:PTEN opened at $5.85 on Friday. The company’s fifty day moving average is $5.80 and its two-hundred day moving average is $5.87. 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, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -16.25 and a beta of 1.22.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The business had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. 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. Stockholders of record on Monday, December 1st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 annualized dividend and a dividend yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio is -88.89%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PTEN shares. Susquehanna dropped their price objective 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. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Barclays reaffirmed an “equal weight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Patterson-UTI Energy in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Hold” and an average target price of $7.39.

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.