G.F.W. Energy X L.P. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 317,621 shares of the oil and gas company’s stock, valued at approximately $7,308,000. Patterson-UTI Energy comprises 1.2% of G.F.W. Energy X L.P.’s holdings, making the stock its 3rd biggest holding. G.F.W. Energy X L.P. owned about 0.14% of Patterson-UTI Energy at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. raised its stake in Patterson-UTI Energy by 10.4% during the fourth quarter. BlackRock Inc. now owns 20,590,666 shares of the oil and gas company’s stock valued at $473,793,000 after buying an additional 1,941,119 shares during the last quarter. Van ECK Associates Corp raised its stake in Patterson-UTI Energy by 6.6% during the third quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock valued at $213,126,000 after buying an additional 630,350 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Patterson-UTI Energy by 13.4% in the fourth quarter. Wells Fargo & Company MN now owns 9,088,648 shares of the oil and gas company’s stock worth $209,129,000 after purchasing an additional 1,075,640 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Patterson-UTI Energy by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock worth $174,379,000 after purchasing an additional 501,179 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Patterson-UTI Energy by 31.5% in the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock worth $116,581,000 after purchasing an additional 1,335,098 shares during the last quarter. Institutional investors and hedge funds own 99.66% of the company’s stock.
In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.60% of the stock is currently owned by corporate insiders.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The firm’s revenue was up 218.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.53) EPS. equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.03 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date is Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -57.14%.
PTEN has been the subject of several recent analyst reports. TheStreet upgraded Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. SunTrust Banks boosted their price target on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Jefferies Group set a $30.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, January 4th. Stephens initiated coverage on Patterson-UTI Energy in a research note on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 price target for the company. Finally, Cowen set a $30.00 price target on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Thursday, January 11th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $26.21.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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