Liberty Mutual Group Asset Management Inc. trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,811 shares of the oil and gas company’s stock after selling 10,349 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $767,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Patterson-UTI Energy by 2.2% during the first quarter. BlackRock Inc. now owns 21,033,770 shares of the oil and gas company’s stock valued at $368,301,000 after acquiring an additional 443,104 shares during the period. Wells Fargo & Company MN boosted its holdings in Patterson-UTI Energy by 8.4% during the first quarter. Wells Fargo & Company MN now owns 9,852,059 shares of the oil and gas company’s stock valued at $172,509,000 after acquiring an additional 763,411 shares during the period. Jennison Associates LLC boosted its holdings in Patterson-UTI Energy by 15.1% during the fourth quarter. Jennison Associates LLC now owns 4,679,964 shares of the oil and gas company’s stock valued at $107,686,000 after acquiring an additional 612,235 shares during the period. Millennium Management LLC boosted its holdings in Patterson-UTI Energy by 601.6% during the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after acquiring an additional 3,480,569 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Patterson-UTI Energy by 31.8% during the first quarter. Thrivent Financial for Lutherans now owns 3,073,057 shares of the oil and gas company’s stock valued at $53,810,000 after acquiring an additional 741,573 shares during the period. Institutional investors own 97.51% of the company’s stock.
Patterson-UTI Energy opened at $21.00 on Friday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.73 and a quick ratio of 1.61. Patterson-UTI Energy, Inc. has a twelve month low of $14.83 and a twelve month high of $25.03. The stock has a market capitalization of $4.88 billion, a P/E ratio of -26.25 and a beta of 1.20.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a net margin of 1.22% and a negative return on equity of 3.54%. The company had revenue of $809.16 million during the quarter, compared to the consensus estimate of $793.39 million. During the same quarter in the previous year, the business posted ($0.40) EPS. The firm’s quarterly revenue was up 165.1% on a year-over-year basis. sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 21st. Investors of record on Thursday, June 7th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Wednesday, June 6th. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.02. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -10.00%.
In related news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total value of $194,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.70% of the stock is currently owned by company insiders.
A number of equities research analysts have issued reports on the stock. ValuEngine cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. BidaskClub upgraded shares of Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a report on Friday, May 18th. Royal Bank of Canada set a $34.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Monday, February 5th. Citigroup upped their price target on shares of Patterson-UTI Energy from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, April 30th. Finally, Societe Generale cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a report on Thursday, April 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the stock. Patterson-UTI Energy presently has an average rating of “Buy” and an average price target of $25.94.
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 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.
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.