Symphony Asset Management LLC Has $1.49 Million Position in Patterson-UTI Energy, Inc. (PTEN)

Symphony Asset Management LLC lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,721 shares of the oil and gas company’s stock after selling 9,768 shares during the period. Symphony Asset Management LLC’s holdings in Patterson-UTI Energy were worth $1,489,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. World Asset Management Inc increased its position in Patterson-UTI Energy by 2.5% during the 2nd quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Patterson-UTI Energy by 3.4% during the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after purchasing an additional 460 shares during the last quarter. Arizona State Retirement System boosted its stake in Patterson-UTI Energy by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock valued at $1,407,000 after purchasing an additional 500 shares during the last quarter. State Treasurer State of Michigan boosted its stake in Patterson-UTI Energy by 0.9% during the 2nd quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock valued at $1,377,000 after purchasing an additional 600 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after purchasing an additional 683 shares during the last quarter. 98.57% of the stock is owned by institutional investors.

Several analysts have commented on the company. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Piper Jaffray Companies reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. J P Morgan Chase & Co upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a research note on Tuesday, September 5th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $27.25.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded up 2.248% during midday trading on Tuesday, reaching $17.965. The company’s stock had a trading volume of 692,311 shares. The stock’s market cap is $3.80 billion. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76. The stock’s 50 day moving average price is $17.24 and its 200-day moving average price is $21.24.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the 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 firm had revenue of $579 million during the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the prior year, the firm earned ($0.58) EPS. The company’s revenue for the quarter was up 198.5% on a year-over-year basis. On average, analysts forecast that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be given 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 0.46%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.

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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.

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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