Kornitzer Capital Management Inc. KS Purchases New Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Kornitzer Capital Management Inc. KS acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 280,515 shares of the oil and gas company’s stock, valued at approximately $2,906,000. Kornitzer Capital Management Inc. KS owned about 0.07% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in PTEN. CWM LLC raised its holdings in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the period. InTrack Investment Management Inc raised its stake in shares of Patterson-UTI Energy by 3.2% in the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after buying an additional 1,037 shares during the period. Commerce Bank raised its stake in shares of Patterson-UTI Energy by 4.7% in the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock valued at $284,000 after buying an additional 1,186 shares during the period. Hexagon Capital Partners LLC lifted its position in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,332 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research reports. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Piper Sandler lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. Barclays lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Finally, StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.29.

Patterson-UTI Energy Trading Down 1.4 %

Patterson-UTI Energy stock opened at $8.33 on Friday. 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, Inc. has a fifty-two week low of $8.28 and a fifty-two week high of $16.17. The stock has a market cap of $3.27 billion, a P/E ratio of 12.25 and a beta of 2.13. The firm’s fifty day moving average price is $9.65 and its 200-day moving average price is $10.66.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.33 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, September 16th. Investors of record on Tuesday, September 3rd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Patterson-UTI Energy 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.