Key Square Capital Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 343,271 shares of the oil and gas company’s stock, valued at approximately $7,899,000. Patterson-UTI Energy makes up about 0.8% of Key Square Capital Management LLC’s portfolio, making the stock its 22nd largest holding.
Other large investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Patterson-UTI Energy by 14.1% in the third quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after acquiring an additional 32,293 shares in the last quarter. 361 Capital LLC boosted its holdings in shares of Patterson-UTI Energy by 9.2% in the third quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock valued at $1,725,000 after acquiring an additional 6,914 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Patterson-UTI Energy by 26.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock valued at $16,160,000 after acquiring an additional 162,677 shares in the last quarter. State Treasurer State of Michigan boosted its holdings in shares of Patterson-UTI Energy by 17.6% in the third quarter. State Treasurer State of Michigan now owns 80,200 shares of the oil and gas company’s stock valued at $1,679,000 after acquiring an additional 12,000 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Patterson-UTI Energy by 4.7% in the third quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock valued at $24,695,000 after acquiring an additional 53,473 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently weighed in on PTEN shares. Cowen reaffirmed a “market perform” rating and issued a $20.00 target price (down previously from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Wednesday, October 11th. Credit Suisse Group raised their price objective on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. SunTrust Banks raised their price objective on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Finally, Stephens assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $27.42.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. During the same quarter in the prior year, the firm earned ($0.53) earnings per share. Patterson-UTI Energy’s quarterly revenue was up 218.9% compared to the same quarter last year. sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.37%. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.60% of the stock is owned by insiders.
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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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