Timber Hill LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,104 shares of the oil and gas company’s stock, valued at approximately $269,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. ETRADE Capital Management LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth $200,000. Two Sigma Investments LP raised its position in shares of 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 in the last quarter. Viking Fund Management LLC raised its position in shares of 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 in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Patterson-UTI Energy during the third quarter worth $1,371,000. Finally, HighTower Advisors LLC raised its position in shares of Patterson-UTI Energy by 0.7% in the third quarter. HighTower Advisors LLC now owns 153,251 shares of the oil and gas company’s stock worth $3,435,000 after buying an additional 1,088 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 2.20% during trading on Friday, reaching $20.41. The company had a trading volume of 6,182,284 shares. Patterson-UTI Energy, Inc. has a 12-month low of $17.61 and a 12-month high of $29.76. The stock’s market cap is $3.37 billion. The firm has a 50-day moving average price of $21.31 and a 200 day moving average price of $25.16.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.02. The business had revenue of $305.20 million during the quarter, compared to analyst estimates of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.48) earnings per share. Equities research analysts predict that Patterson-UTI Energy, Inc. will post ($1.06) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 22nd. Stockholders of record on Thursday, June 8th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is currently -3.83%.
PTEN has been the topic of a number of recent analyst reports. Guggenheim raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Monday, February 20th. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Thursday, March 16th. Capital One Financial Corporation raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research note on Monday, May 8th. Morgan Stanley reissued an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, April 28th. Finally, Jefferies Group LLC set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $28.08.
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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