Van ECK Associates Corp increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,177,949 shares of the oil and gas company’s stock after purchasing an additional 630,350 shares during the period. Patterson-UTI Energy accounts for 1.1% of Van ECK Associates Corp’s holdings, making the stock its 20th biggest holding. Van ECK Associates Corp owned 4.58% of Patterson-UTI Energy worth $213,126,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverhead Capital Management LLC lifted its holdings in Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. raised its holdings in shares of Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares in the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $246,000. 93.46% of the stock is currently owned by institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up $0.38 during midday trading on Thursday, hitting $20.46. The stock had a trading volume of 2,335,400 shares, compared to its average volume of 4,283,919. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. Patterson-UTI Energy’s quarterly revenue was up 232.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.58) EPS. equities analysts expect that Patterson-UTI Energy, Inc. will post -0.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
Several brokerages have recently issued reports on PTEN. BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Cowen and Company set a $24.00 price objective on Patterson-UTI Energy and gave the stock a “hold” rating in a report on Wednesday, October 18th. Capital One Financial Corporation cut Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 27th. Deutsche Bank AG began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Piper Jaffray Companies set a $24.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. One research 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’s stock. Patterson-UTI Energy currently has an average rating of “Buy” and an average 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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