Panagora Asset Management Inc. boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 255.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,987 shares of the oil and gas company’s stock after buying an additional 22,279 shares during the quarter. Panagora Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $357,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after acquiring an additional 1,191,714 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock worth $23,479,000 after buying an additional 88,404 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 129.0% during the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,342 shares during the period. Texas Permanent School Fund boosted its holdings in shares of Patterson-UTI Energy by 2.0% during the 1st quarter. Texas Permanent School Fund now owns 145,067 shares of the oil and gas company’s stock worth $2,034,000 after buying an additional 2,794 shares during the period. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Patterson-UTI Energy by 39.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 69,890 shares of the oil and gas company’s stock worth $980,000 after buying an additional 19,790 shares during the period. 98.39% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on PTEN shares. Raymond James set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. AltaCorp Capital reaffirmed an “outperform” rating on shares of Patterson-UTI Energy in a report on Thursday, June 20th. Royal Bank of Canada set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. Credit Suisse Group decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Finally, Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $14.43.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The company had revenue of $675.77 million during the quarter, compared to analysts’ expectations of $670.28 million. During the same quarter in the prior year, the company posted ($0.05) EPS. The business’s revenue was down 20.9% on a year-over-year basis. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.9 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio is -47.06%.
In other news, Director Curtis W. Huff bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the transaction, the director now directly owns 162,817 shares of the company’s stock, valued at approximately $1,315,561.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $9.05, for a total transaction of $45,250.00. Following the sale, the director now owns 27,023 shares of the company’s stock, valued at approximately $244,558.15. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.
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 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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