Mraz Amerine & Associates Inc. cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 34,600 shares of the oil and gas company’s stock after selling 600 shares during the period. Mraz Amerine & Associates Inc.’s holdings in Patterson-UTI Energy were worth $699,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of PTEN. BlackRock Inc. boosted its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares during the last quarter. Jennison Associates LLC boosted its stake in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock valued at $140,805,000 after buying an additional 1,979,263 shares during the last quarter. Bank of America Corp DE boosted its stake in Patterson-UTI Energy by 154.9% in the first quarter. Bank of America Corp DE now owns 2,849,697 shares of the oil and gas company’s stock valued at $69,161,000 after buying an additional 1,731,711 shares during the last quarter. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after buying an additional 1,719,414 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Patterson-UTI Energy during the second quarter valued at about $30,285,000. 86.12% of the stock is currently owned by institutional investors.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 15.63 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $15.25 and a 52-week high of $29.76. The company’s market cap is $3.31 billion. The firm has a 50-day moving average of $19.00 and a 200-day moving average of $22.57.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter last year, the company posted ($0.58) earnings per share. The business’s quarterly revenue was up 198.5% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.51%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
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Several analysts recently issued reports on PTEN shares. Deutsche Bank AG cut their target price on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. Cowen and Company reaffirmed a “hold” rating and set a $24.00 price objective on shares of Patterson-UTI Energy in a research report on Tuesday, July 11th. Jefferies Group LLC reaffirmed a “buy” rating and set a $32.00 price objective (down from $35.00) on shares of Patterson-UTI Energy in a research report on Wednesday, May 3rd. Evercore ISI reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Patterson-UTI Energy in a research report on Tuesday, June 6th. Finally, Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Thursday, April 27th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $27.78.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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