Canoe Financial LP Buys Shares of 9,500 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Canoe Financial LP acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,500 shares of the oil and gas company’s stock, valued at approximately $98,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC lifted its stake in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares during the last quarter. Lindbrook Capital LLC boosted its stake in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $40,000. Finally, CWM LLC grew its position in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.09 during trading hours on Thursday, hitting $9.02. 3,571,825 shares of the company’s stock were exchanged, compared to its average volume of 6,902,154. The firm has a 50 day moving average of $9.87 and a two-hundred day moving average of $10.80. Patterson-UTI Energy, Inc. has a fifty-two week low of $8.64 and a fifty-two week high of $16.17. The firm has a market cap of $3.55 billion, a P/E ratio of 13.24 and a beta of 2.18. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post 0.33 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.55%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Analyst Ratings Changes

PTEN has been the topic of a number of research analyst reports. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Susquehanna reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th. Finally, Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.59.

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.