Royce & Associates LP Increases Stake in Patterson-UTI Energy, Inc. (PTEN)

Royce & Associates LP grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 519,000 shares of the oil and gas company’s stock after purchasing an additional 61,500 shares during the period. Royce & Associates LP owned approximately 0.23% of Patterson-UTI Energy worth $10,868,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverhead Capital Management LLC raised its holdings in shares of Patterson-UTI Energy by 86.2% during the second 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. raised its holdings in shares of Patterson-UTI Energy by 11.7% during the second 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. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. raised its holdings in shares of Patterson-UTI Energy by 7.1% during the second 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. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $246,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at $21.31 on Thursday. 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 current ratio of 1.23 and a quick ratio of 1.16.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ 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 the consensus estimate of $688.05 million. During the same period in the prior year, the firm posted ($0.58) EPS. The firm’s quarterly revenue was up 232.3% compared to the same quarter last year. sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.8 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is -5.16%.

PTEN has been the topic of several research reports. Societe Generale initiated coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They set a “buy” rating and a $22.00 price objective on the stock. Citigroup upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $21.00 to $19.00 in a report on Wednesday, August 30th. Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Zacks Investment Research upgraded 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 report on Wednesday, October 11th. Finally, Deutsche Bank began coverage on shares of Patterson-UTI Energy in a report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $27.00.

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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.

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

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