Gateway Investment Advisers LLC Has $692,000 Position in Patterson-UTI Energy, Inc. (PTEN)

Gateway Investment Advisers LLC cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,382 shares of the oil and gas company’s stock after selling 5,621 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Patterson-UTI Energy were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. FMR LLC increased its position in shares of Patterson-UTI Energy by 11.6% in the third quarter. FMR LLC now owns 246,936 shares of the oil and gas company’s stock worth $4,225,000 after acquiring an additional 25,600 shares in the last quarter. Hsbc Holdings PLC increased its position 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 worth $727,000 after acquiring an additional 4,566 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Patterson-UTI Energy by 6.5% in the third quarter. The Manufacturers Life Insurance Company now owns 923,296 shares of the oil and gas company’s stock worth $15,798,000 after acquiring an additional 56,004 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Patterson-UTI Energy by 12.6% in the third quarter. Pacer Advisors Inc. now owns 77,582 shares of the oil and gas company’s stock worth $1,327,000 after acquiring an additional 8,684 shares in the last quarter. Finally, MetLife Investment Advisors LLC increased its position in shares of Patterson-UTI Energy by 63.1% in the third quarter. MetLife Investment Advisors LLC now owns 259,149 shares of the oil and gas company’s stock worth $4,434,000 after acquiring an additional 100,302 shares in the last quarter. Institutional investors own 97.77% of the company’s stock.

PTEN stock opened at $15.49 on Thursday. The company has a quick ratio of 1.68, a current ratio of 1.81 and a debt-to-equity ratio of 0.32. The company has a market cap of $3.11 billion, a P/E ratio of -45.56 and a beta of 1.34. Patterson-UTI Energy, Inc. has a 52 week low of $9.49 and a 52 week high of $23.99.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $795.90 million during the quarter, compared to analysts’ expectations of $797.10 million. Patterson-UTI Energy had a negative net margin of 9.66% and a negative return on equity of 1.98%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted ($0.10) earnings per share. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.72 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Thursday, March 7th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Wednesday, March 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.

Patterson-UTI Energy announced that its board has initiated a share buyback plan on Thursday, February 7th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the oil and gas company to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several research analysts have recently weighed in on PTEN shares. Zacks Investment Research raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Thursday, February 7th. ValuEngine downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Bank of America set a $20.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $16.00 to $12.00 in a research report on Thursday, January 17th. Finally, Credit Suisse Group cut shares of Patterson-UTI Energy from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $12.00 in a report on Wednesday, December 19th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $20.07.

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About Patterson-UTI Energy

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, 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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