Cramer Rosenthal Mcglynn LLC cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 699,280 shares of the oil and gas company’s stock after selling 33,200 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.31% of Patterson-UTI Energy worth $16,090,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. QVT Financial LP boosted its holdings in shares of Patterson-UTI Energy by 80.0% in the fourth quarter. QVT Financial LP now owns 291,100 shares of the oil and gas company’s stock valued at $6,698,000 after acquiring an additional 129,400 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Patterson-UTI Energy by 16.4% during the fourth quarter. Encompass Capital Advisors LLC now owns 320,000 shares of the oil and gas company’s stock worth $7,363,000 after buying an additional 45,000 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Patterson-UTI Energy by 3.1% during the fourth quarter. Franklin Resources Inc. now owns 461,400 shares of the oil and gas company’s stock worth $10,617,000 after buying an additional 14,000 shares in the last quarter. Folger Hill Asset Management LP boosted its holdings in Patterson-UTI Energy by 27.9% during the fourth quarter. Folger Hill Asset Management LP now owns 283,150 shares of the oil and gas company’s stock worth $6,515,000 after buying an additional 61,849 shares in the last quarter. Finally, Arosa Capital Management LP boosted its holdings in Patterson-UTI Energy by 458.2% during the fourth quarter. Arosa Capital Management LP now owns 688,302 shares of the oil and gas company’s stock worth $15,838,000 after buying an additional 565,000 shares in the last quarter. Institutional investors and hedge funds own 99.66% of the company’s stock.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.60% of the stock is owned by corporate insiders.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The firm had revenue of $787.33 million during 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. research analysts forecast that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.41%. Patterson-UTI Energy’s payout ratio is -57.14%.
PTEN has been the subject of a number of research reports. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, February 9th. Royal Bank of Canada set a $34.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Monday, February 5th. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Saturday, January 13th. Jefferies Group set a $30.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, January 4th. Finally, SunTrust Banks raised their target price on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Three investment 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. Patterson-UTI Energy presently has an average rating of “Buy” and an average target price of $26.21.
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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