Teton Advisors Inc. cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,646 shares of the oil and gas company’s stock after selling 2,827 shares during the quarter. Teton Advisors Inc.’s holdings in Patterson-UTI Energy were worth $1,731,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Gamco Investors INC. ET AL grew its position in shares of Patterson-UTI Energy by 17.6% in the third quarter. Gamco Investors INC. ET AL now owns 28,700 shares of the oil and gas company’s stock valued at $601,000 after purchasing an additional 4,300 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $585,000. Affinity Investment Advisors LLC purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $1,460,000. Canada Pension Plan Investment Board grew its position in shares of Patterson-UTI Energy by 16.8% in the third quarter. Canada Pension Plan Investment Board now owns 152,000 shares of the oil and gas company’s stock valued at $3,183,000 after purchasing an additional 21,900 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $1,152,000. Institutional investors own 95.00% of the company’s stock.
Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded up $0.52 during midday trading on Monday, hitting $20.79. The stock had a trading volume of 1,684,215 shares, compared to its average volume of 4,222,317. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $29.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% 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 previous year, the business posted ($0.58) EPS. equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.83 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.
Several equities analysts have recently weighed in on the company. Cowen and Company set a $24.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research report on Wednesday, October 18th. UBS AG reiterated a “buy” rating and issued a $25.00 price target (down from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. Citigroup Inc. set a $24.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. Finally, J P Morgan Chase & Co upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price for the company in a research report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.71.
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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.
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