Wells Fargo & Company MN grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,123,768 shares of the oil and gas company’s stock after acquiring an additional 465,369 shares during the quarter. Wells Fargo & Company MN owned about 4.66% of Patterson-UTI Energy worth $173,218,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Van ECK Associates Corp increased its stake in Patterson-UTI Energy by 0.6% in the second quarter. Van ECK Associates Corp now owns 9,519,575 shares of the oil and gas company’s stock valued at $171,352,000 after purchasing an additional 56,494 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Patterson-UTI Energy by 13.2% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock valued at $90,588,000 after purchasing an additional 587,878 shares during the last quarter. Macquarie Group Ltd. increased its stake in Patterson-UTI Energy by 8.0% in the second quarter. Macquarie Group Ltd. now owns 4,526,681 shares of the oil and gas company’s stock valued at $81,480,000 after purchasing an additional 336,104 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Patterson-UTI Energy by 51.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after purchasing an additional 1,350,950 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Patterson-UTI Energy by 8.3% in the second quarter. Bank of New York Mellon Corp now owns 3,764,590 shares of the oil and gas company’s stock valued at $67,762,000 after purchasing an additional 289,056 shares during the last quarter. Institutional investors and hedge funds own 96.80% of the company’s stock.
Shares of NASDAQ:PTEN opened at $16.13 on Friday. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -20.16 and a beta of 0.98. The company has a quick ratio of 1.54, a current ratio of 1.66 and a debt-to-equity ratio of 0.30. Patterson-UTI Energy, Inc. has a 12 month low of $13.89 and a 12 month high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. The company had revenue of $867.48 million during the quarter, compared to analyst estimates of $839.65 million. Patterson-UTI Energy had a negative return on equity of 2.29% and a net margin of 2.27%. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.99%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -20.00%.
Several equities analysts recently commented on PTEN shares. Wolfe Research started coverage on Patterson-UTI Energy in a research note on Wednesday, October 10th. They issued a “peer perform” rating for the company. ValuEngine upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, August 13th. Sanford C. Bernstein started coverage on Patterson-UTI Energy in a research note on Thursday, October 4th. They issued an “outperform” rating and a $21.00 target price for the company. Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, October 5th. Finally, Citigroup dropped their target price on Patterson-UTI Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, September 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $23.88.
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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.
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