First Trust Advisors LP cut its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 31.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 262,059 shares of the oil and gas company’s stock after selling 118,944 shares during the period. First Trust Advisors LP owned 0.12% of Patterson-UTI Energy worth $5,488,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in PTEN. PNC Financial Services Group Inc. increased its stake in shares of Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 683 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in shares of Patterson-UTI Energy by 60.3% during the 1st quarter. Tudor Investment Corp ET AL now owns 14,382 shares of the oil and gas company’s stock worth $349,000 after purchasing an additional 5,408 shares during the last quarter. Credit Suisse AG increased its stake in shares of Patterson-UTI Energy by 25.0% during the 1st quarter. Credit Suisse AG now owns 157,733 shares of the oil and gas company’s stock worth $3,828,000 after purchasing an additional 31,581 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Patterson-UTI Energy by 3.4% during the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after purchasing an additional 460 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Patterson-UTI Energy by 9.0% during the 2nd quarter. Bank of Montreal Can now owns 391,644 shares of the oil and gas company’s stock worth $7,908,000 after purchasing an additional 32,494 shares during the last quarter. Institutional investors own 95.05% of the company’s stock.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at $19.74 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy, Inc. has a 12-month low of $14.83 and a 12-month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s revenue for the quarter was up 232.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.58) EPS. analysts forecast that Patterson-UTI Energy, Inc. will post -0.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.
PTEN has been the topic of several recent analyst reports. Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Royal Bank Of Canada restated a “buy” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Societe Generale started coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 price objective on the stock. Citigroup Inc. raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. Finally, UBS AG reaffirmed a “buy” rating and set a $25.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a report on Monday, July 31st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $26.71.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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