Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 740,258 shares of the oil and gas company’s stock after acquiring an additional 65,087 shares during the period. Brandywine Global Investment Management LLC’s holdings in Patterson-UTI Energy were worth $7,358,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the business. Captrust Financial Advisors lifted its position in shares of Patterson-UTI Energy by 3,305.0% during the 1st quarter. Captrust Financial Advisors now owns 10,896 shares of the oil and gas company’s stock worth $78,000 after purchasing an additional 10,576 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $101,000. qPULA Trading Management LP purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $112,000. Teza Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $122,000. Finally, XTX Topco Ltd purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $133,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Shares of PTEN opened at $8.96 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.62 and a debt-to-equity ratio of 0.50. The firm’s 50-day moving average is $8.07 and its two-hundred day moving average is $8.32. Patterson-UTI Energy, Inc. has a twelve month low of $2.38 and a twelve month high of $11.27. The firm has a market capitalization of $1.69 billion, a P/E ratio of -3.91 and a beta of 3.23.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 29th. The oil and gas company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.02). Patterson-UTI Energy had a negative return on equity of 21.76% and a negative net margin of 44.59%. The company had revenue of $291.77 million for the quarter, compared to analyst estimates of $294.73 million. Analysts predict that Patterson-UTI Energy, Inc. will post -1.98 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 16th. Investors of record on Thursday, September 2nd were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Wednesday, September 1st. Patterson-UTI Energy’s payout ratio is -3.69%.

PTEN has been the subject of a number of research reports. Citigroup boosted their price target on shares of Patterson-UTI Energy from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, October 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $9.50 price target on shares of Patterson-UTI Energy in a research report on Thursday, September 9th. Evercore ISI raised shares of Patterson-UTI Energy from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $8.00 to $12.00 in a research report on Wednesday, June 23rd. Finally, Morgan Stanley boosted their price target on shares of Patterson-UTI Energy from $7.50 to $10.00 and gave the company an “equal weight” rating in a research report on Friday, July 9th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.69.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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