Tower Research Capital LLC TRC lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1,212.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,724 shares of the oil and gas company’s stock after purchasing an additional 44,087 shares during the period. Tower Research Capital LLC TRC’s holdings in Patterson-UTI Energy were worth $816,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in Patterson-UTI Energy by 5.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,605,717 shares of the oil and gas company’s stock worth $46,903,000 after purchasing an additional 143,947 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Patterson-UTI Energy by 51.6% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 99,136 shares of the oil and gas company’s stock worth $1,784,000 after purchasing an additional 33,747 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Patterson-UTI Energy by 22.9% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,552 shares of the oil and gas company’s stock worth $766,000 after purchasing an additional 7,930 shares during the period. First Trust Advisors LP boosted its stake in Patterson-UTI Energy by 171.6% in the 2nd quarter. First Trust Advisors LP now owns 561,489 shares of the oil and gas company’s stock worth $10,107,000 after purchasing an additional 354,785 shares during the period. Finally, Victory Capital Management Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $8,386,000. 95.64% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on PTEN. ValuEngine upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Piper Jaffray Companies set a $22.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, October 5th. BidaskClub upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 22nd. Sanford C. Bernstein started coverage on Patterson-UTI Energy in a research report on Thursday, October 4th. They set an “outperform” rating and a $21.00 price target for the company. Finally, Citigroup dropped their price target on Patterson-UTI Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, September 14th. 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 issued a strong buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Buy” and an average target price of $23.88.
Shares of NASDAQ PTEN opened at $13.62 on Wednesday. The stock has a market cap of $3.02 billion, a P/E ratio of -17.03 and a beta of 0.97. 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, Inc. has a 1-year low of $13.59 and a 1-year high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate 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 negative return on equity of 2.29% and a net margin of 2.27%. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.44 earnings per share for the current year.
The company also recently disclosed 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. 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 1.17%. Patterson-UTI Energy’s dividend payout ratio is -20.00%.
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Patterson-UTI Energy Company 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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