Eaton Vance Management lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 86.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,730 shares of the oil and gas company’s stock after selling 137,894 shares during the quarter. Eaton Vance Management’s holdings in Patterson-UTI Energy were worth $477,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in PTEN. Tower Research Capital LLC TRC increased its position in shares of Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after buying an additional 7,274 shares in the last quarter. Ballentine Partners LLC purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $216,000. WealthTrust Axiom LLC purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $217,000. Schroder Investment Management Group purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $219,000. Finally, Falcon Point Capital LLC purchased a new stake in Patterson-UTI Energy during the 4th quarter worth about $222,000. 99.66% of the stock is owned by institutional investors.
PTEN has been the subject of a number of recent research reports. SunTrust Banks lifted their price objective on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. ValuEngine lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Zacks Investment Research lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, February 20th. Royal Bank of Canada set a $34.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Monday, February 5th. Finally, Scotia Howard Weill raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have given a buy rating to the stock. Patterson-UTI Energy has an average rating of “Buy” and a consensus target price of $26.21.
Patterson-UTI Energy, Inc. (PTEN) traded up $0.01 during midday trading on Wednesday, hitting $19.30. The stock had a trading volume of 2,019,192 shares, compared to its average volume of 4,056,722. The firm has a market cap of $4,383.49, a price-to-earnings ratio of -138.36 and a beta of 1.21. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $26.41. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million during the quarter, compared to analyst estimates of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The business’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.53) earnings per share. equities analysts expect that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.41%. The ex-dividend date is Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.60% of the company’s stock.
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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