Deutsche Bank AG trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,680,796 shares of the oil and gas company’s stock after selling 30,995 shares during the period. Deutsche Bank AG owned 0.76% of Patterson-UTI Energy worth $38,672,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC grew its position in shares of Patterson-UTI Energy by 621.7% in 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 purchasing an additional 7,274 shares during the last quarter. Ballentine Partners LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $216,000. WealthTrust Axiom LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $217,000. Schroder Investment Management Group purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $219,000. Finally, Falcon Point Capital LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $222,000. Institutional investors and hedge funds own 99.66% of the company’s stock.
Shares of PTEN traded down $0.26 during mid-day trading on Friday, hitting $17.56. The company’s stock had a trading volume of 2,574,767 shares, compared to its average volume of 3,117,597. The stock has a market capitalization of $3,903.34, a P/E ratio of -21.95 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.37 and a quick ratio of 1.24. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $25.75.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million during the quarter, compared to analyst estimates of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% 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 in the prior year, the firm earned ($0.53) EPS. equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Investors of record on Thursday, March 8th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend was Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio is currently -10.00%.
A number of equities analysts have weighed in on PTEN shares. BidaskClub lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Thursday, March 29th. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. Scotiabank raised shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Howard Weil raised shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Finally, BMO Capital Markets set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $25.71.
In related news, Director Terry H. Hunt sold 10,000 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.60% of the company’s stock.
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Patterson-UTI Energy Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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