Edgestream Partners L.P. lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,982 shares of the oil and gas company’s stock after selling 2,305 shares during the period. Edgestream Partners L.P.’s holdings in Patterson-UTI Energy were worth $621,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. Dimensional Fund Advisors LP lifted its holdings in Patterson-UTI Energy by 14.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after acquiring an additional 1,191,714 shares during the period. Geode Capital Management LLC grew its position in shares of Patterson-UTI Energy by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock valued at $23,479,000 after purchasing an additional 88,404 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at $227,000. World Asset Management Inc grew its position in shares of Patterson-UTI Energy by 22.5% in the first quarter. World Asset Management Inc now owns 15,044 shares of the oil and gas company’s stock valued at $211,000 after purchasing an additional 2,761 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Patterson-UTI Energy by 49.1% in the first quarter. SG Americas Securities LLC now owns 111,397 shares of the oil and gas company’s stock valued at $1,562,000 after purchasing an additional 36,691 shares in the last quarter. 99.60% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently commented on the company. BidaskClub upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Friday, August 30th. AltaCorp Capital reaffirmed an “outperform” rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. Raymond James set a $17.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. UBS Group set a $17.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $14.43.
In other Patterson-UTI Energy news, Director Janeen S. Judah sold 5,000 shares of Patterson-UTI Energy stock in a transaction 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 transaction, the director now directly owns 27,023 shares of the company’s stock, valued at $244,558.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Curtis W. Huff acquired 25,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were bought at an average cost of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the acquisition, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The disclosure for this purchase can be found here. Corporate insiders own 4.00% of the company’s stock.
Shares of NASDAQ PTEN traded up $0.01 during midday trading on Friday, hitting $8.97. 3,212,795 shares of the stock traded hands, compared to its average volume of 3,949,191. The firm has a 50-day moving average of $9.41 and a two-hundred day moving average of $12.05. The firm has a market capitalization of $1.82 billion, a P/E ratio of -26.38 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.76 and a current ratio of 1.91. Patterson-UTI Energy, Inc. has a one year low of $7.87 and a one year high of $18.39.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The company had revenue of $675.77 million for the quarter, compared to analysts’ expectations of $670.28 million. During the same period last year, the firm earned ($0.05) EPS. Patterson-UTI Energy’s revenue for the quarter was down 20.9% compared to the same quarter last year. Equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.91 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.78%. Patterson-UTI Energy’s payout ratio is presently -47.06%.
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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