Creative Planning Cuts Stake in Patterson-UTI Energy, Inc. $PTEN

Creative Planning lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 50.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 102,446 shares of the oil and gas company’s stock after selling 104,282 shares during the period. Creative Planning’s holdings in Patterson-UTI Energy were worth $608,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. State of Wyoming purchased a new position in Patterson-UTI Energy in the first quarter valued at about $54,000. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after purchasing an additional 2,323 shares during the period. Oak Family Advisors LLC purchased a new position in Patterson-UTI Energy in the second quarter valued at approximately $74,000. Stratos Wealth Partners LTD. bought a new position in Patterson-UTI Energy during the second quarter valued at $81,000. Finally, Hodges Capital Management Inc. purchased a new stake in Patterson-UTI Energy in the first quarter worth $82,000. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PTEN shares. Susquehanna dropped their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday. Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Finally, Zacks Research raised shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Hold” and an average price target of $7.39.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $6.28 on Thursday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $9.57. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.38 billion, a PE ratio of -17.44 and a beta of 0.77. The stock has a 50-day moving average price of $5.87 and a 200-day moving average price of $5.85.

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

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 1st. This represents a $0.32 annualized dividend and a dividend yield of 5.1%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

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.