Cubist Systematic Strategies LLC raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,594 shares of the oil and gas company’s stock after buying an additional 24,381 shares during the period. Cubist Systematic Strategies LLC’s holdings in Patterson-UTI Energy were worth $1,080,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Riverhead Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after acquiring an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. grew 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 valued at $210,000 after acquiring an additional 1,089 shares in the last quarter. Madden Advisory Services Inc. purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $236,000. Gluskin Sheff & Assoc Inc. lifted its stake in shares of Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at $246,000. 97.71% of the stock is currently owned by institutional investors.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up $0.89 during midday trading on Thursday, reaching $24.70. 4,016,272 shares of the company traded hands, compared to its average volume of 3,392,497. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $29.76. The firm has a market capitalization of $5,300.00, a price-to-earnings ratio of -15.94 and a beta of 1.08. 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 announced its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s revenue was up 232.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.58) earnings per share. equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were issued a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.32%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.60% of the company’s stock.
PTEN has been the subject of several analyst reports. Jefferies Group set a $26.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. Credit Suisse Group boosted their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Cowen reissued a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Finally, Deutsche Bank started 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 for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.90.
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Patterson-UTI Energy 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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