Louisiana State Employees Retirement System decreased its position in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 3.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 39,200 shares of the company’s stock after selling 1,600 shares during the period. Louisiana State Employees Retirement System’s holdings in Patterson-UTI Energy were worth $836,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its position in Patterson-UTI Energy by 22.8% in the first quarter. Meeder Asset Management Inc. now owns 38,580 shares of the company’s stock worth $679,000 after buying an additional 7,152 shares during the period. State Street Corp boosted its position in Patterson-UTI Energy by 2.7% in the first quarter. State Street Corp now owns 4,101,000 shares of the company’s stock worth $72,263,000 after buying an additional 107,318 shares during the period. Investec Asset Management LTD boosted its position in Patterson-UTI Energy by 108.7% in the first quarter. Investec Asset Management LTD now owns 1,713,477 shares of the company’s stock worth $30,191,000 after buying an additional 892,455 shares during the period. Royce & Associates LP boosted its position in Patterson-UTI Energy by 10.0% in the first quarter. Royce & Associates LP now owns 55,000 shares of the company’s stock worth $969,000 after buying an additional 5,000 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Patterson-UTI Energy by 17.1% in the first quarter. JPMorgan Chase & Co. now owns 4,626,958 shares of the company’s stock worth $81,527,000 after buying an additional 675,106 shares during the period.
Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded up 0.04% during trading on Friday, hitting $23.02. 2,931,427 shares of the stock were exchanged. The stock’s market cap is $3.37 billion. Patterson-UTI Energy Inc. has a 12 month low of $10.94 and a 12 month high of $23.29. The stock’s 50 day moving average price is $20.27 and its 200 day moving average price is $19.44.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The company’s revenue for the quarter was down 59.0% on a year-over-year basis. During the same period last year, the firm posted ($0.13) earnings per share. Analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
Several analysts have commented on the stock. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. Citigroup Inc. boosted their price target on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 13th. Jefferies Group upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and boosted their price target for the stock from $19.00 to $25.00 in a research note on Monday, July 11th. KLR Group reiterated a “hold” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a research note on Friday, July 15th. Finally, Gabelli assumed coverage on shares of Patterson-UTI Energy in a research note on Thursday, June 16th. They issued a “hold” rating on the stock. Five analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $19.64.
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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