Patterson-UTI Energy, Inc. (PTEN) Stake Lessened by Mesirow Financial Investment Management Equity Management

Mesirow Financial Investment Management Equity Management decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 664,203 shares of the oil and gas company’s stock after selling 12,385 shares during the period. Mesirow Financial Investment Management Equity Management owned about 0.30% of Patterson-UTI Energy worth $11,364,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Van ECK Associates Corp grew its holdings in shares of Patterson-UTI Energy by 0.6% in the second quarter. Van ECK Associates Corp now owns 9,519,575 shares of the oil and gas company’s stock worth $171,352,000 after purchasing an additional 56,494 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 13.2% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock worth $90,588,000 after purchasing an additional 587,878 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Patterson-UTI Energy by 8.0% in the second quarter. Macquarie Group Ltd. now owns 4,526,681 shares of the oil and gas company’s stock worth $81,480,000 after purchasing an additional 336,104 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Patterson-UTI Energy by 51.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock worth $67,699,000 after purchasing an additional 1,350,950 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Patterson-UTI Energy by 8.3% in the second quarter. Bank of New York Mellon Corp now owns 3,764,590 shares of the oil and gas company’s stock worth $67,762,000 after purchasing an additional 289,056 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Shares of Patterson-UTI Energy stock opened at $16.23 on Wednesday. The company has a quick ratio of 1.54, a current ratio of 1.68 and a debt-to-equity ratio of 0.29. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -20.29 and a beta of 1.14. Patterson-UTI Energy, Inc. has a 12 month low of $13.89 and a 12 month high of $25.03.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $867.48 million during the quarter, compared to analyst estimates of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.26% and a net margin of 2.27%. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.99%. The ex-dividend date is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is currently -20.00%.

Several research analysts have recently issued reports on PTEN shares. BidaskClub cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. ValuEngine cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Piper Jaffray Companies set a $22.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, October 5th. Zacks Investment Research cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, September 10th. Finally, Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Patterson-UTI Energy currently has an average rating of “Buy” and a consensus target price of $23.78.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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