Vanguard Group Inc. raised its position in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,135,040 shares of the company’s stock after buying an additional 306,535 shares during the period. Vanguard Group Inc. owned approximately 7.61% of Patterson-UTI Energy worth $237,399,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Group LTD increased its position in Patterson-UTI Energy by 31.3% in the first quarter. BlackRock Group LTD now owns 104,877 shares of the company’s stock worth $1,848,000 after buying an additional 24,972 shares during the last quarter. Commonwealth Equity Services Inc increased its position in Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock worth $276,000 after buying an additional 150 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Patterson-UTI Energy during the second quarter worth about $297,000. State Street Corp increased 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 in the last quarter. Finally, Royce & Associates LP increased 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 in the last quarter.
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) opened at 24.56 on Friday. Patterson-UTI Energy Inc. has a one year low of $10.94 and a one year high of $24.64. The company’s market capitalization is $3.59 billion. The company has a 50-day moving average price of $20.66 and a 200 day moving average price of $19.63.
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 Zacks’ consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The business had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. During the same period in the prior year, the business posted ($0.13) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 59.0% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The business 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 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -2.67%.
A number of analysts have weighed in on PTEN shares. Piper Jaffray Cos. raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, June 29th. DA Davidson reissued a “buy” rating and issued a $26.00 price target on shares of Patterson-UTI Energy in a report on Thursday, September 15th. Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, July 5th. Finally, Scotiabank reissued a “sector perform” rating and issued a $22.00 price target (up from $20.00) on shares of Patterson-UTI Energy in a report on Monday, June 20th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus price target of $19.84.
Patterson-UTI Energy Company Profile
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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