Schonfeld Strategic Advisors LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 55,800 shares of the oil and gas company’s stock, valued at approximately $159,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC boosted its position in Patterson-UTI Energy by 98.8% during the first quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock valued at $4,397,000 after purchasing an additional 155,911 shares during the last quarter. Morgan Stanley lifted its position in shares of Patterson-UTI Energy by 520.0% in the first quarter. Morgan Stanley now owns 2,729,131 shares of the oil and gas company’s stock worth $6,413,000 after buying an additional 2,288,950 shares during the last quarter. Swiss National Bank lifted its position in shares of Patterson-UTI Energy by 13.7% in the second quarter. Swiss National Bank now owns 428,900 shares of the oil and gas company’s stock worth $1,488,000 after buying an additional 51,600 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Patterson-UTI Energy by 579.1% in the second quarter. Commonwealth Equity Services LLC now owns 97,406 shares of the oil and gas company’s stock worth $338,000 after buying an additional 83,063 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of Patterson-UTI Energy by 47.6% in the second quarter. Prudential Financial Inc. now owns 214,483 shares of the oil and gas company’s stock worth $745,000 after buying an additional 69,166 shares during the last quarter.
A number of brokerages have weighed in on PTEN. BidaskClub raised Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 8th. Smith Barney Citigroup boosted their price target on Patterson-UTI Energy from $3.00 to $6.00 in a research report on Tuesday, December 15th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on Patterson-UTI Energy from $3.00 to $6.00 in a research report on Tuesday, December 15th. Finally, Atb Cap Markets raised Patterson-UTI Energy from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, December 9th. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $4.24.
Shares of PTEN stock opened at $5.26 on Friday. The stock has a market cap of $986.22 million, a P/E ratio of -1.09 and a beta of 2.76. Patterson-UTI Energy, Inc. has a one year low of $1.61 and a one year high of $10.95. The stock has a fifty day moving average price of $4.85 and a 200 day moving average price of $3.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.90 and a quick ratio of 1.77.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 22nd. The oil and gas company reported ($0.60) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.02. The firm had revenue of $207.14 million during the quarter, compared to analysts’ expectations of $198.78 million. Patterson-UTI Energy had a negative return on equity of 12.67% and a negative net margin of 52.19%. Patterson-UTI Energy’s quarterly revenue was down 65.4% compared to the same quarter last year. During the same period last year, the business earned ($0.27) earnings per share. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -2.18 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 17th. Investors of record on Thursday, December 3rd were given a $0.02 dividend. The ex-dividend date was Wednesday, December 2nd. This represents a $0.08 annualized dividend and a yield of 1.52%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -8.08%.
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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