Brandywine Global Investment Management LLC Buys 65,087 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Brandywine Global Investment Management LLC boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 740,258 shares of the oil and gas company’s stock after acquiring an additional 65,087 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.39% of Patterson-UTI Energy worth $7,358,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Captrust Financial Advisors increased its stake in Patterson-UTI Energy by 3,305.0% during the first quarter. Captrust Financial Advisors now owns 10,896 shares of the oil and gas company’s stock worth $78,000 after acquiring an additional 10,576 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $101,000. qPULA Trading Management LP purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $112,000. Teza Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $122,000. Finally, XTX Topco Ltd purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $133,000. 92.87% of the stock is currently owned by institutional investors.

Shares of PTEN opened at $8.96 on Thursday. The business’s 50-day moving average is $8.07 and its two-hundred day moving average is $8.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.62 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $11.27. The company 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 posted its earnings results on Thursday, July 29th. The oil and gas company reported ($0.54) earnings per share (EPS) 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 firm had revenue of $291.77 million for the quarter, compared to analysts’ expectations of $294.73 million. Analysts forecast that Patterson-UTI Energy, Inc. will post -1.98 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 16th. Stockholders 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 currently -3.69%.

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

Patterson-UTI Energy Profile

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.

Further Reading: Strike Price

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

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