LPL Financial LLC trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 41.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,549 shares of the oil and gas company’s stock after selling 10,864 shares during the quarter. LPL Financial LLC’s holdings in Patterson-UTI Energy were worth $161,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FDx Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $138,000. Ruffer LLP grew its stake in shares of Patterson-UTI Energy by 276.2% during the fourth quarter. Ruffer LLP now owns 204,302 shares of the oil and gas company’s stock worth $2,111,000 after purchasing an additional 150,000 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Patterson-UTI Energy by 20.9% during the fourth quarter. Mackenzie Financial Corp now owns 460,100 shares of the oil and gas company’s stock worth $4,762,000 after purchasing an additional 79,600 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Patterson-UTI Energy by 112.3% in the fourth quarter. Penserra Capital Management LLC now owns 10,064 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 5,324 shares during the last quarter. Finally, Comerica Bank increased its holdings in Patterson-UTI Energy by 2.2% in the fourth quarter. Comerica Bank now owns 183,908 shares of the oil and gas company’s stock valued at $2,170,000 after buying an additional 3,924 shares during the last quarter. Institutional investors own 97.44% of the company’s stock.
Shares of Patterson-UTI Energy stock opened at $15.05 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.68 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of -44.26 and a beta of 1.34. Patterson-UTI Energy, Inc. has a 1 year low of $9.49 and a 1 year high of $23.99.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. Patterson-UTI Energy had a negative net margin of 9.66% and a negative return on equity of 1.98%. The business had revenue of $795.90 million during the quarter, compared to analysts’ expectations of $797.10 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.71 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Thursday, March 7th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Wednesday, March 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
Patterson-UTI Energy announced that its board has approved a stock buyback plan on Thursday, February 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages recently issued reports on PTEN. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 26th. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, April 1st. TheStreet downgraded shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a research report on Friday, March 15th. UBS Group set a $18.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday, December 20th. Finally, Credit Suisse Group downgraded shares of Patterson-UTI Energy from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $19.00 to $12.00 in a research note on Wednesday, December 19th. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $20.44.
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Patterson-UTI Energy Company 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 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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