Prudential Financial Inc. grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,189 shares of the oil and gas company’s stock after acquiring an additional 16,850 shares during the quarter. Prudential Financial Inc. owned about 0.06% of Patterson-UTI Energy worth $2,684,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Parkwood LLC increased its holdings in shares of Patterson-UTI Energy by 201.1% during the third quarter. Parkwood LLC now owns 97,924 shares of the oil and gas company’s stock valued at $2,051,000 after acquiring an additional 65,401 shares in the last quarter. Gluskin Sheff & Assoc Inc. increased its holdings in shares of Patterson-UTI Energy by 224.4% during the third quarter. Gluskin Sheff & Assoc Inc. now owns 38,090 shares of the oil and gas company’s stock valued at $798,000 after acquiring an additional 26,350 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in shares of Patterson-UTI Energy by 17.6% during the third quarter. Gamco Investors INC. ET AL now owns 28,700 shares of the oil and gas company’s stock valued at $601,000 after acquiring an additional 4,300 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the third quarter valued at about $585,000. Finally, Affinity Investment Advisors LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter valued at about $1,460,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.
PTEN has been the topic of several recent analyst reports. Cowen restated a “market perform” rating and set a $20.00 price objective (down previously from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Citigroup upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Wednesday, October 11th. Societe Generale began coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Credit Suisse Group increased their price target on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.71.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.58) EPS. equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.36%. Patterson-UTI Energy’s payout ratio is -5.16%.
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Patterson-UTI Energy 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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