GeoSphere Capital Management boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 208.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,000 shares of the oil and gas company’s stock after purchasing an additional 94,620 shares during the quarter. Patterson-UTI Energy comprises 7.7% of GeoSphere Capital Management’s investment portfolio, making the stock its 2nd biggest position. GeoSphere Capital Management owned about 0.06% of Patterson-UTI Energy worth $2,932,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ameritas Investment Partners Inc. lifted its stake in Patterson-UTI Energy by 92.6% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 94,433 shares of the oil and gas company’s stock worth $1,733,000 after purchasing an additional 45,400 shares in the last quarter. California Public Employees Retirement System lifted its stake in Patterson-UTI Energy by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 495,566 shares of the oil and gas company’s stock worth $10,377,000 after purchasing an additional 15,915 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Patterson-UTI Energy by 89.6% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 51,594 shares of the oil and gas company’s stock valued at $1,080,000 after buying an additional 24,381 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $511,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $67,664,000. Institutional investors and hedge funds own 97.91% of the company’s stock.
Several research firms have recently weighed in on PTEN. Jefferies Group set a $26.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. SunTrust Banks raised their price objective on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Deutsche Bank began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $27.00.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at $21.31 on Thursday. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16.
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, topping analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $684.99 million for 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 firm’s revenue was up 232.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.58) EPS. analysts expect that Patterson-UTI Energy, Inc. will post -0.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be given a $0.02 dividend. 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 payout ratio is presently -5.16%.
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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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