AlphaMark Advisors LLC Invests $272,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

AlphaMark Advisors LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 35,591 shares of the oil and gas company’s stock, valued at approximately $272,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. CWM LLC lifted its position in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the last quarter. InTrack Investment Management Inc lifted its holdings in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after acquiring an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC grew 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 acquiring an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC increased its stake in Patterson-UTI Energy by 15.8% during the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 1,724 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its position in Patterson-UTI Energy by 15.9% during the first quarter. Bleakley Financial Group LLC now owns 18,255 shares of the oil and gas company’s stock valued at $218,000 after purchasing an additional 2,506 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $7.98 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. The company has a market capitalization of $3.14 billion, a PE ratio of 25.74 and a beta of 2.12. The company has a 50 day moving average price of $8.45 and a 200-day moving average price of $9.88. 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 (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. As a group, equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.22 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 103.23%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PTEN. Susquehanna dropped their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Piper Sandler dropped their price objective 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. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Citigroup reduced their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.54.

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.