Teton Advisors Inc. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 33.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,525 shares of the oil and gas company’s stock after acquiring an additional 32,200 shares during the quarter. Teton Advisors Inc.’s holdings in Patterson-UTI Energy were worth $2,216,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wells Fargo & Company MN raised its stake in shares of Patterson-UTI Energy by 4.8% during the 3rd quarter. Wells Fargo & Company MN now owns 10,123,768 shares of the oil and gas company’s stock worth $173,218,000 after acquiring an additional 465,369 shares in the last quarter. Van ECK Associates Corp increased 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 valued at $171,352,000 after purchasing an additional 56,494 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased 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 valued at $90,588,000 after purchasing an additional 587,878 shares in the last quarter. Macquarie Group Ltd. increased 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 valued at $81,480,000 after purchasing an additional 336,104 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in 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 valued at $67,699,000 after purchasing an additional 1,350,950 shares in the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.
PTEN has been the topic of a number of recent analyst reports. Wolfe Research initiated coverage on shares of Patterson-UTI Energy in a research note on Wednesday, October 10th. They set a “peer perform” rating on the stock. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, August 13th. Sanford C. Bernstein initiated coverage on shares of Patterson-UTI Energy in a research note on Thursday, October 4th. They set an “outperform” rating and a $21.00 price target on the stock. Piper Jaffray Companies set a $22.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, October 5th. Finally, Citigroup cut their price target on shares of Patterson-UTI Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, September 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.88.
NASDAQ:PTEN opened at $17.27 on Tuesday. The firm has a market capitalization of $3.54 billion, a PE ratio of -21.59 and a beta of 0.98. Patterson-UTI Energy, Inc. has a 1-year low of $13.89 and a 1-year high of $25.03. The company has a current ratio of 1.66, a quick ratio of 1.54 and a debt-to-equity ratio of 0.30.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.02. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. The firm had revenue of $867.48 million for the quarter, compared to the consensus estimate of $839.65 million. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.44 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Wednesday, December 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.
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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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