Emerald Advisers Inc. PA raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 60.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,128 shares of the oil and gas company’s stock after purchasing an additional 44,719 shares during the period. Emerald Advisers Inc. PA owned 0.05% of Patterson-UTI Energy worth $2,038,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. BlueMountain Capital Management LLC bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $48,281,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Patterson-UTI Energy by 51.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock worth $67,699,000 after acquiring an additional 1,350,950 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $11,272,000. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of 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 acquiring an additional 587,878 shares during the last quarter. Finally, Mackay Shields LLC bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $8,888,000. 95.96% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Piper Jaffray Companies set a $22.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, October 5th. Guggenheim downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Friday, July 6th. BidaskClub raised shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 22nd. Finally, Sanford C. Bernstein assumed coverage on shares of Patterson-UTI Energy in a report on Thursday, October 4th. They set an “outperform” rating and a $21.00 price objective for the company. 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 given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $23.88.
Shares of NASDAQ:PTEN opened at $16.26 on Friday. The firm has a market capitalization of $3.53 billion, a P/E ratio of -20.33 and a beta of 1.14. Patterson-UTI Energy, Inc. has a 52 week low of $13.89 and a 52 week high of $25.03. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.54 and a current ratio of 1.66.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $867.48 million for the quarter, compared to analysts’ expectations of $839.65 million. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. As a group, equities analysts forecast 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. Investors of record on Thursday, December 6th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend is Wednesday, December 5th. Patterson-UTI Energy’s 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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