10,338 Shares in Patterson-UTI Energy, Inc. (PTEN) Acquired by Signition LP

Signition LP acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,338 shares of the oil and gas company’s stock, valued at approximately $177,000.

Other institutional investors have also modified their holdings of the company. Glen Harbor Capital Management LLC boosted its position in Patterson-UTI Energy by 39.5% during the second quarter. Glen Harbor Capital Management LLC now owns 46,070 shares of the oil and gas company’s stock valued at $829,000 after acquiring an additional 13,056 shares during the last quarter. Energy Opportunities Capital Management LLC boosted its position in Patterson-UTI Energy by 20.3% during the second quarter. Energy Opportunities Capital Management LLC now owns 373,655 shares of the oil and gas company’s stock valued at $6,726,000 after acquiring an additional 62,950 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Patterson-UTI Energy during the second quarter valued at $210,000. Oppenheimer Asset Management Inc. bought a new stake in Patterson-UTI Energy during the second quarter valued at $4,943,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in Patterson-UTI Energy by 14.8% during the second quarter. Dynamic Technology Lab Private Ltd now owns 95,709 shares of the oil and gas company’s stock valued at $1,723,000 after acquiring an additional 12,350 shares during the last quarter. 96.80% of the stock is currently owned by institutional investors.

PTEN opened at $16.94 on Wednesday. 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, Inc. has a fifty-two week low of $13.89 and a fifty-two week high of $25.03. The stock has a market capitalization of $3.54 billion, a P/E ratio of -21.18 and a beta of 0.98.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share 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 company had revenue of $867.48 million for the quarter, compared to analyst estimates of $839.65 million. Equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.44 EPS 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 issued a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.94%. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.

A number of brokerages have commented on PTEN. Credit Suisse Group raised shares of Patterson-UTI Energy from a “neutral” rating to an “outperform” rating and cut their price target for the company from $22.00 to $19.00 in a research report on Friday, July 27th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Royal Bank of Canada reiterated a “buy” rating and set a $28.00 price objective on shares of Patterson-UTI Energy in a report on Friday, July 27th. UBS Group set a $23.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, October 26th. Finally, Sanford C. Bernstein started 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 on the stock. Two research 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 stock. The stock has a consensus rating of “Buy” and an average price target of $23.88.

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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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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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