Penn Capital Management Co. Inc. trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 357,295 shares of the oil and gas company’s stock after selling 83,298 shares during the quarter. Penn Capital Management Co. Inc. owned about 0.17% of Patterson-UTI Energy worth $5,556,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of PTEN. Captrust Financial Advisors purchased a new position in Patterson-UTI Energy during the fourth quarter worth about $25,000. Parallel Advisors LLC lifted its stake in Patterson-UTI Energy by 129.0% during the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,342 shares during the last quarter. Quantamental Technologies LLC bought a new stake in Patterson-UTI Energy during the fourth quarter worth about $68,000. Meeder Asset Management Inc. bought a new stake in Patterson-UTI Energy during the fourth quarter worth about $69,000. Finally, Avestar Capital LLC bought a new stake in Patterson-UTI Energy during the fourth quarter worth about $81,000. Institutional investors and hedge funds own 95.75% of the company’s stock.
NASDAQ PTEN opened at $12.86 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $9.49 and a 1-year high of $23.99. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.82 and a quick ratio of 1.69. The stock has a market capitalization of $2.67 billion, a PE ratio of -37.82 and a beta of 1.30.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The company had revenue of $704.17 million during the quarter, compared to analyst estimates of $694.10 million. During the same quarter in the previous year, the company posted ($0.16) EPS. Patterson-UTI Energy’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.68 earnings per share for the current year.
Patterson-UTI Energy announced that its board has authorized a share repurchase plan on Thursday, February 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.
PTEN has been the subject of several research analyst reports. Raymond James set a $20.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 8th. Piper Jaffray Companies set a $20.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 8th. BidaskClub raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Citigroup dropped their price target on Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Finally, TheStreet lowered Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.71.
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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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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