Wells Fargo & Company MN raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,088,648 shares of the oil and gas company’s stock after purchasing an additional 1,075,640 shares during the quarter. Wells Fargo & Company MN’s holdings in Patterson-UTI Energy were worth $209,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Ballentine Partners LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $216,000. WealthTrust Axiom LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $217,000. Falcon Point Capital LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $222,000. PNC Financial Services Group Inc. grew its stake in Patterson-UTI Energy by 11.7% in 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 purchasing an additional 1,089 shares during the period. Finally, Emerald Advisers Inc. PA bought a new position in Patterson-UTI Energy in the 4th quarter valued at $242,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.
A number of research analysts have issued reports on PTEN shares. SunTrust Banks upped their price objective on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Credit Suisse Group upped their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, October 31st. ValuEngine downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Finally, Cowen restated a “market perform” rating and issued a $20.00 price objective (down previously from $24.00) on shares of Patterson-UTI Energy in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Patterson-UTI Energy has a consensus rating of “Buy” and an average target price of $26.21.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at $18.09 on Friday. 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, Inc. has a 1-year low of $14.83 and a 1-year high of $28.73.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data 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). The company had revenue of $787.33 million for 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 business’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same period last year, the company posted ($0.53) EPS. equities analysts predict that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be issued a dividend of $0.02 per share. 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 0.44%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.60% of the company’s stock.
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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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