LS Investment Advisors LLC reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,068 shares of the oil and gas company’s stock after selling 2,467 shares during the period. LS Investment Advisors LLC’s holdings in Patterson-UTI Energy were worth $324,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Hood River Capital Management LLC grew its stake in Patterson-UTI Energy by 100.3% in the 4th quarter. Hood River Capital Management LLC now owns 954,253 shares of the oil and gas company’s stock worth $21,957,000 after acquiring an additional 477,823 shares in the last quarter. Swiss National Bank grew its stake in Patterson-UTI Energy by 1.7% in the 4th quarter. Swiss National Bank now owns 363,400 shares of the oil and gas company’s stock worth $8,362,000 after acquiring an additional 6,200 shares in the last quarter. California Public Employees Retirement System grew its stake in Patterson-UTI Energy by 3.5% in the 4th quarter. California Public Employees Retirement System now owns 512,906 shares of the oil and gas company’s stock worth $11,802,000 after acquiring an additional 17,340 shares in the last quarter. Key Square Capital Management LLC bought a new position in Patterson-UTI Energy in the 4th quarter worth about $7,899,000. Finally, Emerald Advisers Inc. PA bought a new position in Patterson-UTI Energy in the 4th quarter worth about $242,000. Institutional investors and hedge funds own 95.41% of the company’s stock.
In related news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.60% of the company’s stock.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The firm had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. During the same period in the previous year, the company earned ($0.53) EPS. The company’s revenue was up 218.9% on a year-over-year basis. sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.44%. Patterson-UTI Energy’s payout ratio is -57.14%.
PTEN has been the topic of a number of research analyst reports. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. Scotiabank upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Credit Suisse Group upped their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Finally, Howard Weil upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus target price of $26.21.
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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