SG Americas Securities LLC Sells 77,413 Shares of Patterson-UTI Energy, Inc. (PTEN)

SG Americas Securities LLC reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 71.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,689 shares of the oil and gas company’s stock after selling 77,413 shares during the period. SG Americas Securities LLC’s holdings in Patterson-UTI Energy were worth $664,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PTEN. Capstone Asset Management Co. increased its stake in Patterson-UTI Energy by 3.4% during the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares during the period. US Bancorp DE increased its stake in Patterson-UTI Energy by 21.7% during the 2nd quarter. US Bancorp DE now owns 33,066 shares of the oil and gas company’s stock worth $667,000 after buying an additional 5,892 shares during the period. Public Employees Retirement Association of Colorado increased its stake in Patterson-UTI Energy by 4.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 35,439 shares of the oil and gas company’s stock worth $716,000 after buying an additional 1,386 shares during the period. World Asset Management Inc increased its stake in Patterson-UTI Energy by 2.5% during the 2nd quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock worth $249,000 after buying an additional 295 shares during the period. Finally, Sei Investments Co. increased its stake in Patterson-UTI Energy by 516.6% during the 2nd quarter. Sei Investments Co. now owns 323,246 shares of the oil and gas company’s stock worth $6,526,000 after buying an additional 270,823 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at $21.57 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. During the same quarter in the prior year, the business posted ($0.58) EPS. The company’s revenue for the quarter was up 232.3% on a year-over-year basis. analysts expect that Patterson-UTI Energy, Inc. will post -0.81 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.

Several equities research analysts recently weighed in on PTEN shares. Credit Suisse Group cut their target price on shares of Patterson-UTI Energy from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, September 22nd. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Wednesday, October 11th. Deutsche Bank started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, October 10th. They set a “buy” rating and a $25.00 target price on the stock. Societe Generale initiated coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 target price on the stock. Finally, J P Morgan Chase & Co raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $27.00.

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

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