361 Capital LLC lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 75,474 shares of the oil and gas company’s stock after selling 9,478 shares during the quarter. 361 Capital LLC’s holdings in Patterson-UTI Energy were worth $1,524,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its holdings in Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. increased its holdings in Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $246,000. 98.56% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 20th. BidaskClub raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Jefferies Group LLC set a $26.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Deutsche Bank AG assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday. They issued a “buy” rating and a $25.00 target price for the company. Finally, Citigroup Inc. set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $27.00.
Shares of Patterson-UTI Energy, Inc. (PTEN) traded up 0.072% during mid-day trading on Wednesday, reaching $20.965. The company had a trading volume of 314,740 shares. The stock’s 50-day moving average price is $18.47 and its 200 day moving average price is $20.28. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $29.76. The company’s market capitalization is $4.48 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million during the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm’s quarterly revenue was up 198.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.58) EPS. Equities analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.38%. The ex-dividend date was Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is currently -4.06%.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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