Fox Run Management L.L.C. Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Fox Run Management L.L.C. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 55,354 shares of the oil and gas company’s stock, valued at approximately $328,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its position in Patterson-UTI Energy by 64.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 126,592 shares of the oil and gas company’s stock valued at $1,041,000 after acquiring an additional 49,443 shares in the last quarter. Xponance Inc. increased its holdings in Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company’s stock worth $245,000 after purchasing an additional 2,057 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Patterson-UTI Energy by 0.7% in the first quarter. New York State Common Retirement Fund now owns 1,465,001 shares of the oil and gas company’s stock worth $12,042,000 after purchasing an additional 10,124 shares during the last quarter. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 587.5% in the first quarter. CWM LLC now owns 75,341 shares of the oil and gas company’s stock valued at $619,000 after purchasing an additional 64,383 shares in the last quarter. Finally, Forum Financial Management LP purchased a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $98,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Price Performance

PTEN opened at $5.97 on Thursday. The firm has a market cap of $2.26 billion, a P/E ratio of -16.58 and a beta of 1.22. The firm has a 50-day moving average of $5.80 and a 200 day moving average of $5.87. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS 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. On average, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $0.08 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.4%. Patterson-UTI Energy’s dividend payout ratio is presently -88.89%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PTEN shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Patterson-UTI Energy in a report on Wednesday, October 8th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Susquehanna dropped their price target on shares of 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. Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.39.

Patterson-UTI Energy Company 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.