Massachusetts Financial Services Co. MA increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 51.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,956,667 shares of the oil and gas company’s stock after buying an additional 1,350,950 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.80% of Patterson-UTI Energy worth $67,699,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. Van ECK Associates Corp raised its stake in Patterson-UTI Energy by 0.6% during the 2nd quarter. Van ECK Associates Corp now owns 9,519,575 shares of the oil and gas company’s stock worth $171,352,000 after buying an additional 56,494 shares during the period. Fuller & Thaler Asset Management Inc. raised its stake in Patterson-UTI Energy by 13.2% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock worth $90,588,000 after buying an additional 587,878 shares during the period. Macquarie Group Ltd. raised its stake in Patterson-UTI Energy by 8.0% during the 2nd quarter. Macquarie Group Ltd. now owns 4,526,681 shares of the oil and gas company’s stock worth $81,480,000 after buying an additional 336,104 shares during the period. Bank of New York Mellon Corp raised its stake in Patterson-UTI Energy by 8.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,764,590 shares of the oil and gas company’s stock worth $67,762,000 after buying an additional 289,056 shares during the period. Finally, BlueMountain Capital Management LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $48,281,000. 95.96% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. UBS Group set a $23.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 26th. Piper Jaffray Companies set a $23.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 26th. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Friday, July 20th. Finally, Guggenheim downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.88.
PTEN stock opened at $16.52 on Friday. The company has a market capitalization of $3.53 billion, a PE ratio of -20.65 and a beta of 1.14. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.66 and a quick ratio of 1.54. Patterson-UTI Energy, Inc. has a 12-month low of $13.89 and a 12-month high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $867.48 million during the quarter, compared to analyst estimates of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.44 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.
About Patterson-UTI Energy
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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