Principal Financial Group Inc. Has $22.43 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Principal Financial Group Inc. trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 0.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,332,051 shares of the oil and gas company’s stock after selling 9,492 shares during the period. Principal Financial Group Inc.’s holdings in Patterson-UTI Energy were worth $22,432,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. CWM LLC lifted its position in shares of Patterson-UTI Energy by 194.6% in the third quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,469 shares during the last quarter. Ronald Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 65.3% during the 4th quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 871 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth approximately $27,000. Rockefeller Capital Management L.P. lifted its holdings in Patterson-UTI Energy by 79.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,288 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Patterson-UTI Energy by 86.8% during the 4th quarter. Versant Capital Management Inc now owns 2,053 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 954 shares during the last quarter. 96.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several research reports. StockNews.com initiated coverage on Patterson-UTI Energy in a report on Thursday. They set a “buy” rating for the company. Barclays dropped their price target on Patterson-UTI Energy from $26.00 to $19.00 in a report on Tuesday, May 9th. Susquehanna dropped their price target on Patterson-UTI Energy from $24.00 to $18.00 in a report on Monday, April 3rd. Piper Sandler lowered their price objective on Patterson-UTI Energy from $24.00 to $19.00 in a research note on Monday, May 1st. Finally, Morgan Stanley lowered their price objective on Patterson-UTI Energy from $20.00 to $18.00 in a research note on Tuesday, April 18th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $18.39.

Patterson-UTI Energy Trading Down 2.8 %

Shares of PTEN opened at $10.66 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $9.94 and a 52-week high of $20.53. The business’s fifty day moving average is $11.44 and its 200-day moving average is $14.68. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.47 and a current ratio of 1.60. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 0.17 and a beta of 2.28.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.10. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. The company had revenue of $791.80 million for the quarter, compared to analyst estimates of $757.41 million. During the same quarter last year, the company posted ($0.13) EPS. The company’s revenue for the quarter was up 55.4% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post 1.73 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 3.00%. Patterson-UTI Energy’s dividend payout ratio is currently 24.62%.

Patterson-UTI Energy Profile

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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 oil and natural gas operators in the United States and Colombia.