Renaissance Technologies LLC lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 16.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 11,464,159 shares of the oil and gas company’s stock after buying an additional 1,631,111 shares during the period. Renaissance Technologies LLC owned 0.06% of Patterson-UTI Energy worth $120,374,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Trexquant Investment LP lifted its stake in shares of Patterson-UTI Energy by 174.6% during the fourth quarter. Trexquant Investment LP now owns 263,875 shares of the oil and gas company’s stock valued at $2,771,000 after buying an additional 167,794 shares during the period. AlphaCrest Capital Management LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth approximately $313,000. NumerixS Investment Technologies Inc increased its position in shares of Patterson-UTI Energy by 145.5% in the fourth quarter. NumerixS Investment Technologies Inc now owns 16,200 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 9,600 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Patterson-UTI Energy by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 641,800 shares of the oil and gas company’s stock worth $6,739,000 after acquiring an additional 29,300 shares in the last quarter. Finally, Citigroup Inc. increased its position in shares of Patterson-UTI Energy by 713.8% in the fourth quarter. Citigroup Inc. now owns 106,333 shares of the oil and gas company’s stock worth $1,116,000 after acquiring an additional 93,267 shares in the last quarter. 98.00% of the stock is currently owned by institutional investors and hedge funds.
PTEN has been the subject of several recent research reports. Bank of America lowered shares of Patterson-UTI Energy from a “neutral” rating to an “underperform” rating in a research report on Monday. Sanford C. Bernstein initiated coverage on shares of Patterson-UTI Energy in a report on Monday, January 13th. They set an “underperform” rating and a $7.50 price target for the company. AltaCorp Capital downgraded shares of Patterson-UTI Energy from an “outperform” rating to an “underperform” rating in a research note on Wednesday, December 18th. Deutsche Bank initiated coverage on shares of Patterson-UTI Energy in a research report on Wednesday, November 27th. They issued a “sell” rating and a $7.00 price target on the stock. Finally, Cfra cut their price objective on shares of Patterson-UTI Energy from $7.50 to $6.50 and set a “sell” rating on the stock in a research report on Thursday, February 6th. Ten research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.20.
Patterson-UTI Energy stock traded down $0.07 during trading hours on Thursday, hitting $2.04. 544,522 shares of the company traded hands, compared to its average volume of 5,334,916. The firm has a market cap of $370.85 million, a P/E ratio of -0.96 and a beta of 1.91. The company has a quick ratio of 1.49, a current ratio of 1.58 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $6.81 and its two-hundred day simple moving average is $8.62. Patterson-UTI Energy, Inc. has a 1-year low of $1.80 and a 1-year high of $16.27.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 6th. The oil and gas company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.03). The company had revenue of $492.00 million for the quarter, compared to analyst estimates of $486.49 million. Patterson-UTI Energy had a negative net margin of 17.23% and a negative return on equity of 6.53%. The firm’s quarterly revenue was down 38.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) EPS. On average, equities research analysts predict that Patterson-UTI Energy, Inc. will post -1.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, March 5th will be paid a dividend of $0.04 per share. The ex-dividend date is Wednesday, March 4th. This represents a $0.16 annualized dividend and a yield of 7.84%. Patterson-UTI Energy’s payout ratio is -16.16%.
In other Patterson-UTI Energy news, Director Terry H. Hunt sold 5,900 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $10.49, for a total transaction of $61,891.00. Following the transaction, the director now owns 91,670 shares of the company’s stock, valued at approximately $961,618.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.00% of the stock is currently owned by company insiders.
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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