Wealth Enhancement Advisory Services LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 119,436 shares of the oil and gas company’s stock, valued at approximately $1,224,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of PTEN. BNP Paribas Arbitrage SA lifted its position in Patterson-UTI Energy by 6,105.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,764,317 shares of the oil and gas company’s stock valued at $24,736,000 after purchasing an additional 1,735,884 shares during the period. Dimensional Fund Advisors LP lifted its position in Patterson-UTI Energy by 14.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock valued at $99,202,000 after purchasing an additional 1,191,714 shares during the period. Norges Bank acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $10,643,000. Carillon Tower Advisers Inc. lifted its position in Patterson-UTI Energy by 133.5% during the 1st quarter. Carillon Tower Advisers Inc. now owns 1,417,750 shares of the oil and gas company’s stock valued at $19,877,000 after purchasing an additional 810,625 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Patterson-UTI Energy during the 1st quarter valued at about $4,937,000. Institutional investors and hedge funds own 98.24% of the company’s stock.
Shares of NASDAQ:PTEN traded up $0.16 during mid-day trading on Friday, reaching $8.63. The stock had a trading volume of 82,459 shares, compared to its average volume of 4,511,664. The firm has a market cap of $1.82 billion, a PE ratio of -25.35 and a beta of 1.43. The firm has a 50 day simple moving average of $10.68 and a two-hundred day simple moving average of $12.55. 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 twelve month low of $8.32 and a twelve month high of $18.39.
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. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.85%. Patterson-UTI Energy’s payout ratio is -47.06%.
A number of research analysts have issued reports on PTEN shares. Credit Suisse Group cut their target price on shares of Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Wells Fargo & Co set a $12.00 target price on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research report on Friday, July 26th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. AltaCorp Capital restated an “outperform” rating on shares of Patterson-UTI Energy in a research report on Thursday, June 20th. Finally, UBS Group set a $17.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company’s stock. Patterson-UTI Energy presently has a consensus rating of “Buy” and an average price target of $14.68.
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 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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