BlackRock Inc. decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,463,279 shares of the oil and gas company’s stock after selling 570,491 shares during the quarter. BlackRock Inc. owned approximately 9.30% of Patterson-UTI Energy worth $368,340,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Asia Hong Kong Ltd grew its position in Patterson-UTI Energy by 2,863.0% during the first quarter. Point72 Asia Hong Kong Ltd now owns 6,815 shares of the oil and gas company’s stock valued at $119,000 after buying an additional 6,585 shares during the period. WINTON GROUP Ltd bought a new position in Patterson-UTI Energy during the first quarter valued at about $180,000. Cullen Frost Bankers Inc. bought a new position in Patterson-UTI Energy during the first quarter valued at about $282,000. Quantitative Systematic Strategies LLC grew its position in Patterson-UTI Energy by 34.0% during the first quarter. Quantitative Systematic Strategies LLC now owns 17,644 shares of the oil and gas company’s stock valued at $309,000 after buying an additional 4,475 shares during the period. Finally, First Allied Advisory Services Inc. bought a new position in Patterson-UTI Energy during the second quarter valued at about $325,000. Hedge funds and other institutional investors own 96.27% of the company’s stock.
PTEN has been the subject of several research reports. BidaskClub upgraded shares of Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 18th. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, May 26th. Guggenheim lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research report on Friday, July 6th. BMO Capital Markets set a $23.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Wednesday, July 11th. Finally, Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $24.33.
Shares of Patterson-UTI Energy stock opened at $17.35 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $14.60 and a 12-month high of $25.03. The stock has a market capitalization of $3.72 billion, a PE ratio of -21.69 and a beta of 1.17. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The firm had revenue of $854.42 million during the quarter, compared to analysts’ expectations of $866.96 million. During the same period in the previous year, the company posted ($0.46) earnings per share. The company’s quarterly revenue was up 47.5% compared to the same quarter last year. analysts anticipate that Patterson-UTI Energy, Inc. will post -0.4 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Thursday, September 6th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Wednesday, September 5th. Patterson-UTI Energy’s payout ratio is -20.00%.
About Patterson-UTI Energy
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.
Further Reading: Asset Allocation, Balancing Your Investments
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