Price T Rowe Associates Inc. MD grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 16.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 122,567 shares of the oil and gas company’s stock after buying an additional 16,936 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.06% of Patterson-UTI Energy worth $1,411,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Quantamental Technologies LLC grew its holdings in shares of Patterson-UTI Energy by 173.2% in the 2nd quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock worth $70,000 after purchasing an additional 3,830 shares during the last quarter. Machina Capital S.A.S. grew its holdings in Patterson-UTI Energy by 1,559.1% during the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after acquiring an additional 6,174 shares during the last quarter. KBC Group NV bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $78,000. M&T Bank Corp bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $122,000. Finally, GSA Capital Partners LLP bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $143,000. Institutional investors own 97.98% of the company’s stock.
A number of brokerages have commented on PTEN. Wells Fargo & Co lowered shares of Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a report on Thursday, September 12th. Royal Bank of Canada set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. Bank of America lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Tuesday. Piper Jaffray Companies decreased their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. Finally, Raymond James set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $12.80.
Shares of NASDAQ PTEN opened at $8.26 on Friday. The firm has a market capitalization of $1.59 billion, a PE ratio of -24.28 and a beta of 1.52. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1 year low of $7.68 and a 1 year high of $17.42. The firm’s 50-day moving average is $8.79 and its 200-day moving average is $11.23.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The business had revenue of $675.77 million for the quarter, compared to the consensus estimate of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. Patterson-UTI Energy’s revenue for the quarter was down 20.9% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. As a group, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, September 5th were given a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.94%. Patterson-UTI Energy’s dividend payout ratio is -47.06%.
In related news, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the sale, the director now directly owns 27,023 shares in the company, valued at approximately $244,558.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Curtis W. Huff purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the transaction, the director now directly owns 162,817 shares in the company, valued at $1,315,561.36. The disclosure for this purchase can be found here. Company insiders own 4.00% of the company’s stock.
About Patterson-UTI Energy
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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