Rhumbline Advisers lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 453,345 shares of the oil and gas company’s stock after purchasing an additional 71,947 shares during the quarter. Rhumbline Advisers owned about 0.20% of Patterson-UTI Energy worth $9,493,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of PTEN. Principal Financial Group Inc. boosted its holdings in Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after acquiring an additional 1,205,084 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Patterson-UTI Energy by 14.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after purchasing an additional 32,293 shares in the last quarter. Federated Investors Inc. PA raised its position in shares of Patterson-UTI Energy by 9.9% in the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock valued at $2,779,000 after purchasing an additional 12,454 shares in the last quarter. Scout Investments Inc. raised its position in shares of Patterson-UTI Energy by 101.7% in the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock valued at $21,182,000 after purchasing an additional 529,023 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Patterson-UTI Energy by 59.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock valued at $66,229,000 after purchasing an additional 1,228,607 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.
A number of equities analysts have issued reports on the company. Cowen set a $24.00 target price on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Wednesday, October 18th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price target for the company in a research note on Tuesday, September 5th. Finally, Societe Generale started coverage on Patterson-UTI Energy in a research note on Thursday, August 31st. They issued a “buy” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.71.
Patterson-UTI Energy, Inc. (PTEN) opened at $21.26 on Wednesday. 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 fifty-two week low of $14.83 and a fifty-two week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million during 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%. The business’s revenue for the quarter was up 232.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.58) EPS. equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
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Patterson-UTI Energy Company Profile
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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