MANA Advisors LLC lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 51.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,990 shares of the oil and gas company’s stock after selling 13,986 shares during the period. MANA Advisors LLC’s holdings in Patterson-UTI Energy were worth $227,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Patterson-UTI Energy by 621.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after purchasing an additional 7,274 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $219,000. Falcon Point Capital LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $222,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth approximately $236,000. Finally, Koch Industries Inc. bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $251,000. 97.53% of the stock is currently owned by institutional investors.
PTEN has been the topic of several recent research reports. Cowen raised Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $23.00 to $26.00 in a report on Friday, April 13th. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. BidaskClub cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Thursday, March 29th. Societe Generale cut Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research report on Thursday, April 19th. Finally, ValuEngine upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Friday, April 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $25.38.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a net margin of 1.22% and a negative return on equity of 3.54%. The firm had revenue of $809.16 million for the quarter, compared to analyst estimates of $793.39 million. During the same quarter last year, the business posted ($0.40) earnings per share. The firm’s revenue for the quarter was up 165.1% compared to the same quarter last year. research analysts expect that Patterson-UTI Energy, Inc. will post -0.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 21st. Stockholders of record on Thursday, June 7th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, June 6th. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a $0.16 annualized dividend and a dividend yield of 0.84%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -20.00%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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