Balyasny Asset Management LLC raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 132.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 144,880 shares of the oil and gas company’s stock after purchasing an additional 82,632 shares during the quarter. Balyasny Asset Management LLC owned about 0.07% of Patterson-UTI Energy worth $2,925,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. World Asset Management Inc boosted its stake in Patterson-UTI Energy by 2.5% during the 2nd quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 295 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Patterson-UTI Energy by 3.4% during the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after purchasing an additional 460 shares in the last quarter. Arizona State Retirement System boosted its stake in Patterson-UTI Energy by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock valued at $1,407,000 after purchasing an additional 500 shares in the last quarter. State Treasurer State of Michigan boosted its stake in Patterson-UTI Energy by 0.9% during the 2nd quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock valued at $1,377,000 after purchasing an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after purchasing an additional 683 shares in the last quarter. 98.56% of the stock is owned by hedge funds and other institutional investors.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 20.95 on Wednesday. The firm’s market capitalization is $4.44 billion. The stock has a 50 day moving average price of $18.47 and a 200 day moving average price of $20.28. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $29.76.
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 Zacks’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. Patterson-UTI Energy’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.58) EPS. On average, analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. Patterson-UTI Energy’s payout ratio is -4.06%.
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A number of brokerages have issued reports on PTEN. Royal Bank Of Canada set a $35.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Deutsche Bank AG started coverage on Patterson-UTI Energy in a research note on Tuesday. They set a “buy” rating and a $25.00 price objective for the company. BMO Capital Markets reissued a “hold” rating and set a $23.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Finally, Seaport Global Securities lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $27.00.
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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