Fmr LLC lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 37.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 221,336 shares of the oil and gas company’s stock after selling 133,245 shares during the quarter. Fmr LLC owned approximately 0.10% of Patterson-UTI Energy worth $3,984,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. grew its position in shares of Patterson-UTI Energy by 13.2% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock valued at $90,588,000 after purchasing an additional 587,878 shares during the period. Mackay Shields LLC acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $8,888,000. Victory Capital Management Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $8,386,000. First Trust Advisors LP grew its position in shares of Patterson-UTI Energy by 171.6% in the second quarter. First Trust Advisors LP now owns 561,489 shares of the oil and gas company’s stock valued at $10,107,000 after purchasing an additional 354,785 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Patterson-UTI Energy by 53.3% in the first quarter. The Manufacturers Life Insurance Company now owns 931,835 shares of the oil and gas company’s stock valued at $16,316,000 after purchasing an additional 324,036 shares during the period. Institutional investors own 96.25% of the company’s stock.
PTEN opened at $16.53 on Friday. The stock has a market cap of $3.76 billion, a P/E ratio of -20.66 and a beta of 1.14. Patterson-UTI Energy, Inc. has a twelve month low of $14.60 and a twelve month high of $25.03. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The firm had revenue of $854.42 million for the quarter, compared to analysts’ expectations of $866.96 million. During the same period last year, the firm earned ($0.46) earnings per share. Patterson-UTI Energy’s revenue for the quarter was up 47.5% on a year-over-year basis. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.41 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th were paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend was Wednesday, September 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.
Several brokerages have recently issued reports on PTEN. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 6th. BidaskClub lowered shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, July 20th. Guggenheim lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research report on Friday, July 6th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $23.88.
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.
See Also: Dividend
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