Gabelli Funds LLC boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 177,500 shares of the oil and gas company’s stock after buying an additional 20,000 shares during the period. Gabelli Funds LLC’s holdings in Patterson-UTI Energy were worth $1,518,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Quantamental Technologies LLC lifted its position in 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 valued at $70,000 after acquiring an additional 3,830 shares in the last quarter. Machina Capital S.A.S. lifted its position in Patterson-UTI Energy by 1,559.1% in the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after acquiring an additional 6,174 shares in the last quarter. KBC Group NV bought a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $78,000. M&T Bank Corp bought a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $122,000. Finally, GSA Capital Partners LLP bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $143,000. 97.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:PTEN traded up $0.09 during midday trading on Friday, hitting $9.15. The company had a trading volume of 3,429,800 shares, compared to its average volume of 4,052,553. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.54 and a quick ratio of 1.46. Patterson-UTI Energy, Inc. has a 12-month low of $7.67 and a 12-month high of $16.44. The company has a fifty day moving average of $8.63 and a two-hundred day moving average of $10.37. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -26.91 and a beta of 1.58.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.03. Patterson-UTI Energy had a negative net margin of 19.50% and a negative return on equity of 3.85%. The firm had revenue of $598.50 million during the quarter, compared to the consensus estimate of $604.66 million. During the same quarter last year, the firm earned ($0.10) EPS. The firm’s revenue for the quarter was down 31.0% compared to the same quarter last year. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Wednesday, December 4th. Patterson-UTI Energy’s payout ratio is -47.06%.
Several equities analysts have recently weighed in on the company. Jefferies Financial Group cut Patterson-UTI Energy from a “buy” rating to a “hold” rating and lowered their price target for the company from $14.50 to $11.50 in a report on Friday, August 2nd. ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Seaport Global Securities set a $16.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Wednesday, September 4th. BidaskClub raised Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 29th. Finally, Morgan Stanley lowered their price target on Patterson-UTI Energy from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $12.19.
In related news, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the completion of the transaction, the director now owns 27,023 shares of the company’s stock, valued at approximately $244,558.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Curtis W. Huff purchased 25,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $8.08 per share, with a total value of $202,000.00. Following the acquisition, the director now owns 162,817 shares in the company, valued at approximately $1,315,561.36. The disclosure for this purchase can be found here. 4.00% of the stock is currently owned by company insiders.
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.
Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN).
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.