Tokio Marine Asset Management Co. Ltd. Purchases New Stake in Patterson-UTI Energy, Inc. (PTEN)

Tokio Marine Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 55,000 shares of the oil and gas company’s stock, valued at approximately $1,152,000.

A number of other large investors have also made changes to their positions in PTEN. Riverhead Capital Management LLC grew its stake in Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. grew its stake in Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after purchasing an additional 1,089 shares during the period. Madden Advisory Services Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter valued at $236,000. Gluskin Sheff & Assoc Inc. grew its stake in Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the period. Finally, Pacad Investment Ltd. bought a new position in Patterson-UTI Energy in the 2nd quarter valued at $246,000. Hedge funds and other institutional investors own 98.70% of the company’s stock.

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Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The firm had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.80% and a negative net margin of 14.73%. The business’s quarterly revenue was up 232.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.58) earnings per share.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -5.16%.

PTEN has been the subject of a number of recent analyst reports. Cowen and Company restated a “hold” rating and issued a $24.00 price objective on shares of Patterson-UTI Energy in a research note on Tuesday, July 11th. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Societe Generale initiated coverage on Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 price target for the company. Royal Bank Of Canada reiterated a “buy” rating and set a $29.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Finally, Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $26.71.

Patterson-UTI Energy 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.

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

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