Gabelli Funds LLC boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 177,500 shares of the oil and gas company’s stock after buying an additional 20,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.09% of Patterson-UTI Energy worth $1,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Gateway Investment Advisers LLC increased its position in Patterson-UTI Energy by 21.4% in the second quarter. Gateway Investment Advisers LLC now owns 59,935 shares of the oil and gas company’s stock worth $690,000 after buying an additional 10,553 shares during the last quarter. Castleark Management LLC purchased a new stake in Patterson-UTI Energy in the second quarter worth $976,000. Convergence Investment Partners LLC purchased a new stake in Patterson-UTI Energy in the second quarter worth $165,000. Natixis increased its position in Patterson-UTI Energy by 48.6% in the second quarter. Natixis now owns 1,190,059 shares of the oil and gas company’s stock worth $13,698,000 after buying an additional 389,379 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its position in Patterson-UTI Energy by 20.9% in the second quarter. Riverhead Capital Management LLC now owns 202,554 shares of the oil and gas company’s stock worth $2,331,000 after buying an additional 34,970 shares during the last quarter. 97.88% of the stock is owned by institutional investors and hedge funds.
In other Patterson-UTI Energy news, Director Curtis W. Huff purchased 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the acquisition, the director now directly owns 162,817 shares in the company, valued at $1,315,561.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Janeen S. Judah sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the transaction, the director now owns 27,023 shares in the company, valued at approximately $244,558.15. The disclosure for this sale can be found here. 4.00% of the stock is owned by insiders.
A number of analysts have issued reports on the company. Citigroup downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $12.00 to $9.50 in a research report on Monday, September 30th. Seaport Global Securities set a $16.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Wednesday, September 4th. Wolfe Research set a $11.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, October 25th. BidaskClub upgraded Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 29th. Finally, Piper Jaffray Companies reduced their price target on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $12.19.
Shares of NASDAQ PTEN traded up $0.09 during mid-day trading on Friday, hitting $9.15. The company had a trading volume of 3,429,800 shares, compared to its average volume of 4,052,553. Patterson-UTI Energy, Inc. has a 1 year low of $7.67 and a 1 year high of $16.44. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -26.91 and a beta of 1.58. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The stock’s 50-day moving average price is $8.63 and its 200-day moving average price is $10.37.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The company had revenue of $598.50 million for the quarter, compared to the consensus estimate of $604.66 million. During the same quarter in the previous year, the business earned ($0.10) EPS. Patterson-UTI Energy’s revenue was down 31.0% compared to the same quarter last year. As a group, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a dividend of $0.04 per share. The ex-dividend date is Wednesday, December 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.75%. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.
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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