GAM Holding AG Sells 19,349 Shares of Patterson-UTI Energy, Inc. (PTEN)

GAM Holding AG trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 407,168 shares of the oil and gas company’s stock after selling 19,349 shares during the quarter. GAM Holding AG’s holdings in Patterson-UTI Energy were worth $6,967,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in shares of Patterson-UTI Energy by 1,212.2% in the third quarter. Tower Research Capital LLC TRC now owns 47,724 shares of the oil and gas company’s stock valued at $816,000 after purchasing an additional 44,087 shares in the last quarter. BP Capital Fund Advisors LLC raised its stake in shares of Patterson-UTI Energy by 8.2% in the third quarter. BP Capital Fund Advisors LLC now owns 221,396 shares of the oil and gas company’s stock valued at $3,788,000 after purchasing an additional 16,784 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Patterson-UTI Energy by 12.0% in the third quarter. Hsbc Holdings PLC now owns 42,486 shares of the oil and gas company’s stock valued at $727,000 after purchasing an additional 4,566 shares in the last quarter. First Pacific Advisors LP raised its stake in shares of Patterson-UTI Energy by 41.6% in the third quarter. First Pacific Advisors LP now owns 1,883,836 shares of the oil and gas company’s stock valued at $32,232,000 after purchasing an additional 553,237 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Patterson-UTI Energy by 19.9% in the third quarter. Franklin Resources Inc. now owns 867,000 shares of the oil and gas company’s stock valued at $14,834,000 after purchasing an additional 144,100 shares in the last quarter. Institutional investors and hedge funds own 98.89% of the company’s stock.

Shares of PTEN stock opened at $13.88 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.54 and a current ratio of 1.66. Patterson-UTI Energy, Inc. has a 52 week low of $13.73 and a 52 week high of $25.03.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $867.48 million for the quarter, compared to analysts’ expectations of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%. As a group, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.44 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Wednesday, December 5th. Patterson-UTI Energy’s payout ratio is presently -20.00%.

A number of brokerages recently commented on PTEN. Zacks Investment Research lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday. BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Piper Jaffray Companies set a $23.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, October 26th. Finally, UBS Group set a $23.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Patterson-UTI Energy has an average rating of “Buy” and an average price target of $23.88.

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

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