Aperio Group LLC boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,175 shares of the oil and gas company’s stock after purchasing an additional 13,895 shares during the period. Aperio Group LLC’s holdings in Patterson-UTI Energy were worth $3,133,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in PTEN. PNC Financial Services Group Inc. grew its position in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares in the last quarter. WealthTrust Axiom LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth approximately $217,000. Timber Hill LLC bought a new stake in Patterson-UTI Energy in the third quarter worth approximately $256,000. State of Alaska Department of Revenue bought a new stake in Patterson-UTI Energy in the fourth quarter worth approximately $283,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth approximately $303,000. 97.79% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on PTEN shares. Cowen reissued a “market perform” rating and issued a $20.00 target price (down from $24.00) on shares of Patterson-UTI Energy in a research report on Friday, October 27th. Credit Suisse Group boosted their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. SunTrust Banks boosted their target price on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Stephens started coverage on shares of Patterson-UTI Energy in a research report on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 target price for the company. Finally, BidaskClub raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $26.21.
In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.60% of the stock is owned by corporate insiders.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at $18.09 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. The stock has a market cap of $4,024.01, a price-to-earnings ratio of -129.21 and a beta of 1.02. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $28.73.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a negative return on equity of 5.07% and a net margin of 0.25%. Patterson-UTI Energy’s quarterly revenue was up 218.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.53) earnings per share. analysts anticipate that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.44%. The ex-dividend date is Wednesday, March 7th. Patterson-UTI Energy’s payout ratio is currently -57.14%.
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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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