Geode Capital Management LLC raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,013,041 shares of the oil and gas company’s stock after acquiring an additional 240,671 shares during the period. Geode Capital Management LLC owned approximately 0.90% of Patterson-UTI Energy worth $46,320,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in PTEN. Tower Research Capital LLC TRC increased its position in shares of Patterson-UTI Energy by 621.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after acquiring an additional 7,274 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $216,000. WealthTrust Axiom LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $217,000. Schroder Investment Management Group acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $219,000. Finally, Falcon Point Capital LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at about $222,000. Institutional investors and hedge funds own 99.66% of the company’s stock.
A number of equities research analysts have weighed in on the stock. SunTrust Banks lifted their price target on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Jefferies Group set a $25.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. BMO Capital Markets upgraded shares of Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research report on Wednesday, February 14th. Citigroup set a $24.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, Cowen reissued a “market perform” rating and issued a $23.00 price objective (down previously from $30.00) on shares of Patterson-UTI Energy in a research note on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.21.
Patterson-UTI Energy, Inc. (PTEN) opened at $18.95 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $26.29. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. The stock has a market cap of $4,127.86, a P/E ratio of -135.36 and a beta of 1.21.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The firm had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. During the same quarter in the prior year, the firm earned ($0.53) EPS. The firm’s revenue was up 218.9% compared to the same quarter last year. equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.03 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.42%. Patterson-UTI Energy’s dividend payout ratio is currently -57.14%.
In other news, Director Terry H. Hunt sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.
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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