Ashburton Jersey Ltd raised its position in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 23.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 51,340 shares of the company’s stock after buying an additional 9,620 shares during the period. Ashburton Jersey Ltd’s holdings in Patterson-UTI Energy were worth $1,095,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Virginia Retirement System purchased a new position in shares of Patterson-UTI Energy during the first quarter worth $416,000. TIAA CREF Investment Management LLC raised its position in shares of Patterson-UTI Energy by 15.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,796,366 shares of the company’s stock worth $31,652,000 after buying an additional 236,273 shares during the period. BlackRock Inc. raised its position in shares of Patterson-UTI Energy by 15.1% in the first quarter. BlackRock Inc. now owns 69,185 shares of the company’s stock worth $1,219,000 after buying an additional 9,085 shares during the period. BlackRock Group LTD raised its position in shares of 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 period. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Patterson-UTI Energy by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,246,573 shares of the company’s stock worth $74,825,000 after buying an additional 46,873 shares during the period.
Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded up 1.94% on Tuesday, hitting $24.19. The stock had a trading volume of 4,097,767 shares. The company’s market cap is $3.54 billion. Patterson-UTI Energy Inc. has a 52-week low of $10.94 and a 52-week high of $25.01. The stock’s 50-day moving average is $20.85 and its 200-day moving average is $19.77.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.05. The business had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $193.19 million. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The firm’s revenue was down 59.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. Analysts expect that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were paid a $0.02 dividend. The ex-dividend date was Tuesday, September 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio is presently -2.67%.
PTEN has been the topic of a number of recent research reports. Howard Weil raised their price objective on Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, June 20th. Scotiabank restated a “sector perform” rating and set a $22.00 price objective (up previously from $20.00) on shares of Patterson-UTI Energy in a research note on Monday, June 20th. Piper Jaffray Cos. upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research note on Wednesday, June 29th. Simmons upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $17.50 to $23.00 in a research note on Wednesday, June 29th. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. Five equities research 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $19.84.
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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