Vaughan Nelson Investment Management L.P. Acquires 197,555 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vaughan Nelson Investment Management L.P. grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,261,662 shares of the oil and gas company’s stock after purchasing an additional 197,555 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.81% of Patterson-UTI Energy worth $33,791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $44,911,000. Balyasny Asset Management L.P. bought a new position in Patterson-UTI Energy in the 4th quarter worth $44,872,000. Webs Creek Capital Management LP acquired a new position in Patterson-UTI Energy during the 1st quarter worth $24,116,000. Vanguard Group Inc. boosted its holdings in Patterson-UTI Energy by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after acquiring an additional 1,847,468 shares during the period. Finally, KLCM Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $9,609,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.10 during midday trading on Friday, reaching $9.13. 6,579,714 shares of the company’s stock were exchanged, compared to its average volume of 7,917,207. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy, Inc. has a 52 week low of $8.64 and a 52 week high of $16.17. The stock’s 50-day simple moving average is $9.95 and its 200 day simple moving average is $10.83. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 13.43 and a beta of 2.18.

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

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Analyst Upgrades and Downgrades

PTEN has been the topic of several recent analyst reports. Susquehanna dropped their price target 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. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Piper Sandler decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Evercore ISI cut their target price on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.59.

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.