Seven Eight Capital LP Takes Position in Patterson-UTI Energy, Inc. (PTEN)

Seven Eight Capital LP bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,141 shares of the oil and gas company’s stock, valued at approximately $286,000.

A number of other institutional investors have also made changes to their positions in PTEN. BlackRock Inc. raised its stake in shares of Patterson-UTI Energy by 11,291.0% in the 1st quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock worth $350,991,000 after buying an additional 14,334,961 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Patterson-UTI Energy by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock worth $331,184,000 after buying an additional 1,719,414 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Patterson-UTI Energy by 5.2% in the 1st quarter. Van ECK Associates Corp now owns 8,988,169 shares of the oil and gas company’s stock worth $218,143,000 after buying an additional 442,699 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Patterson-UTI Energy by 39.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after buying an additional 2,224,128 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Patterson-UTI Energy by 10.1% in the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after buying an additional 418,702 shares in the last quarter. 98.44% of the stock is currently owned by hedge funds and other institutional investors.

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A number of analysts have recently commented on PTEN shares. Wolfe Research downgraded Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. Evercore ISI reissued an “outperform” rating and issued a $35.00 price objective on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Jefferies Group LLC set a $32.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Tuesday, June 6th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Seaport Global Securities downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.36.

Patterson-UTI Energy, Inc. (PTEN) opened at 18.71 on Tuesday. The stock’s market cap is $3.96 billion. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76. The stock’s 50 day moving average price is $17.09 and its 200-day moving average price is $20.88.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm’s revenue was up 198.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.58) EPS. On average, analysts predict that Patterson-UTI Energy, Inc. will post ($0.92) earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.43%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is presently -4.06%.

About Patterson-UTI Energy

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.

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

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