State of Alaska Department of Revenue purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 12,300 shares of the oil and gas company’s stock, valued at approximately $283,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in PTEN. BNP Paribas Arbitrage SA lifted its stake in Patterson-UTI Energy by 14.1% during the third quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock worth $5,474,000 after purchasing an additional 32,293 shares during the last quarter. 361 Capital LLC lifted its stake in shares of Patterson-UTI Energy by 9.2% in the 3rd quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock valued at $1,725,000 after acquiring an additional 6,914 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Patterson-UTI Energy by 26.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock valued at $16,160,000 after acquiring an additional 162,677 shares during the last quarter. State Treasurer State of Michigan lifted its stake in shares of Patterson-UTI Energy by 17.6% in the 3rd quarter. State Treasurer State of Michigan now owns 80,200 shares of the oil and gas company’s stock valued at $1,679,000 after acquiring an additional 12,000 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Patterson-UTI Energy by 4.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock valued at $24,695,000 after acquiring an additional 53,473 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.
A number of research analysts have commented on PTEN shares. Cowen set a $24.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Wednesday, October 18th. Credit Suisse Group upped their price target on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Zacks Investment Research downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Piper Jaffray Companies set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Finally, TheStreet upgraded Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday, December 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Patterson-UTI Energy presently has a consensus rating of “Buy” and an average target price of $27.00.
In related news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, January 2nd. The stock was 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 Securities & Exchange Commission, which is available at this link. Company insiders own 4.60% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded down $0.35 during mid-day trading on Wednesday, reaching $17.80. The company’s stock had a trading volume of 4,481,900 shares, compared to its average volume of 4,093,902. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $29.46. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The stock has a market cap of $4,037.36, a price-to-earnings ratio of -127.14 and a beta of 1.02.
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 the Zacks’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. The company’s quarterly revenue was up 218.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.53) EPS.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be given a $0.02 dividend. The ex-dividend date is Wednesday, March 7th. This represents a $0.08 annualized dividend and a yield of 0.45%. Patterson-UTI Energy’s dividend payout ratio is currently -57.14%.
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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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