Other hedge funds have also recently bought and sold shares of the company. Pioneer Investment Management Inc. purchased a new stake in Patterson-UTI Energy during the third quarter valued at about $24,372,000. Teacher Retirement System of Texas increased its stake in Patterson-UTI Energy by 5,069.9% in the third quarter. Teacher Retirement System of Texas now owns 1,061,331 shares of the company’s stock valued at $23,742,000 after buying an additional 1,040,802 shares in the last quarter. Scout Investments Inc. purchased a new stake in Patterson-UTI Energy during the second quarter valued at about $22,101,000. Mesirow Financial Investment Management Equity Management purchased a new stake in Patterson-UTI Energy during the second quarter valued at about $17,310,000. Finally, JPMorgan Chase & Co. increased its stake in Patterson-UTI Energy by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 5,610,679 shares of the company’s stock valued at $125,511,000 after buying an additional 727,827 shares in the last quarter. 98.63% of the stock is owned by institutional investors and hedge funds.
Van ECK Associates Corp boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 33.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,545,470 shares of the company’s stock after buying an additional 2,151,132 shares during the period. Patterson-UTI Energy makes up approximately 1.1% of Van ECK Associates Corp’s portfolio, making the stock its 17th largest position. Van ECK Associates Corp owned approximately 5.83% of Patterson-UTI Energy worth $230,044,000 at the end of the most recent reporting period.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 2.02% during midday trading on Thursday, hitting $27.84. 5,280,668 shares of the stock traded hands. The company’s market capitalization is $4.08 billion. Patterson-UTI Energy, Inc. has a 52 week low of $12.80 and a 52 week high of $29.56. The firm’s 50-day moving average is $27.70 and its 200 day moving average is $23.60.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 9th. The company reported ($0.53) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.01. Patterson-UTI Energy had a negative net margin of 29.69% and a negative return on equity of 12.24%. The business earned $247 million during the quarter, compared to analysts’ expectations of $228.83 million. During the same quarter in the prior year, the business posted ($0.40) earnings per share. Patterson-UTI Energy’s revenue was down 27.1% compared to the same quarter last year. Equities analysts forecast that Patterson-UTI Energy, Inc. will post ($2.26) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Wednesday, March 8th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.29%. Patterson-UTI Energy’s dividend payout ratio is -3.92%.
A number of brokerages have weighed in on PTEN. Scotiabank reissued a “sector perform” rating and issued a $27.00 price target (up from $22.00) on shares of Patterson-UTI Energy in a report on Friday, October 28th. Bank of America Corporation raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Wednesday, November 30th. Jefferies Group LLC reissued a “buy” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a report on Wednesday, October 19th. Guggenheim downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, December 6th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and increased their price target for the company from $25.00 to $30.00 in a report on Friday, December 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have issued a buy rating to the stock. Patterson-UTI Energy presently has an average rating of “Hold” and a consensus price target of $25.12.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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