Legal & General Group Plc lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 310,562 shares of the oil and gas company’s stock after acquiring an additional 14,541 shares during the period. Legal & General Group Plc owned approximately 0.14% of Patterson-UTI Energy worth $5,438,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd grew its stake in shares of Patterson-UTI Energy by 2,863.0% in the first quarter. Point72 Asia Hong Kong Ltd now owns 6,815 shares of the oil and gas company’s stock worth $119,000 after acquiring an additional 6,585 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the first quarter worth $236,000. Koch Industries Inc. acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $251,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Patterson-UTI Energy in the first quarter worth $282,000. Finally, Quantitative Systematic Strategies LLC grew its stake in shares of Patterson-UTI Energy by 34.0% in the first quarter. Quantitative Systematic Strategies LLC now owns 17,644 shares of the oil and gas company’s stock worth $309,000 after acquiring an additional 4,475 shares during the last quarter. Institutional investors and hedge funds own 97.22% of the company’s stock.
PTEN opened at $17.70 on Thursday. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $25.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 1.73. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of -22.13 and a beta of 1.18.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The business had revenue of $809.16 million for the quarter, compared to analyst estimates of $793.39 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. The firm’s quarterly revenue was up 165.1% on a year-over-year basis. sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, June 6th. This represents a $0.16 dividend on an annualized basis and a yield of 0.90%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.02. Patterson-UTI Energy’s payout ratio is currently -20.00%.
PTEN has been the topic of several research analyst reports. Citigroup raised their price objective on shares of Patterson-UTI Energy from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, April 30th. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, April 28th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. Societe Generale downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a research note on Thursday, April 19th. Finally, Guggenheim downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. Patterson-UTI Energy has an average rating of “Buy” and an average target price of $25.38.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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