First Mercantile Trust Co. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,825 shares of the oil and gas company’s stock, valued at approximately $263,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. ETRADE Capital Management LLC bought a new position in shares of Patterson-UTI Energy during the third quarter worth about $200,000. Strs Ohio boosted its stake in Patterson-UTI Energy by 210.5% in the third quarter. Strs Ohio now owns 590,000 shares of the oil and gas company’s stock worth $13,198,000 after buying an additional 400,000 shares during the last quarter. Two Sigma Investments LP boosted its stake in Patterson-UTI Energy by 418.4% in the fourth quarter. Two Sigma Investments LP now owns 88,612 shares of the oil and gas company’s stock worth $2,385,000 after buying an additional 116,444 shares during the last quarter. Viking Fund Management LLC boosted its stake in Patterson-UTI Energy by 4.8% in the first quarter. Viking Fund Management LLC now owns 440,000 shares of the oil and gas company’s stock worth $10,679,000 after buying an additional 20,000 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Patterson-UTI Energy during the third quarter worth $1,371,000. Institutional investors and hedge funds own 98.84% of the company’s stock.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 2.740% on Friday, reaching $22.685. The company’s stock had a trading volume of 2,480,663 shares. The firm has a 50 day moving average price of $22.84 and a 200 day moving average price of $25.42. Patterson-UTI Energy, Inc. has a 52 week low of $16.77 and a 52 week high of $29.76. The stock’s market capitalization is $3.74 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. Patterson-UTI Energy had a negative return on equity of 13.25% and a negative net margin of 34.79%. The company had revenue of $305.20 million during the quarter, compared to the consensus estimate of $294.82 million. During the same quarter in the prior year, the firm posted ($0.48) earnings per share. The firm’s revenue was up 13.5% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post ($1.06) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 22nd. Stockholders of record on Thursday, June 8th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.36%. The ex-dividend date is Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is currently -3.69%.
A number of analysts have commented on PTEN shares. Capital One Financial Corp. raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday. Jefferies Group LLC reaffirmed a “buy” rating and set a $32.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Wednesday, May 3rd. Deutsche Bank AG lowered their price target on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, April 28th. Morgan Stanley reissued an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, April 28th. Finally, Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.88.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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