Retirement Systems of Alabama raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 45.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 675,199 shares of the oil and gas company’s stock after purchasing an additional 211,834 shares during the quarter. Retirement Systems of Alabama owned 0.30% of Patterson-UTI Energy worth $14,139,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in PTEN. PNC Financial Services Group Inc. boosted its holdings 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 worth $225,000 after acquiring an additional 683 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares during the last quarter. Madden Advisory Services Inc. purchased a new position in Patterson-UTI Energy during the 2nd quarter worth $236,000. Gluskin Sheff & Assoc Inc. boosted its holdings in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. purchased a new position in Patterson-UTI Energy during the 2nd quarter worth $246,000. Institutional investors and hedge funds own 95.05% of the company’s stock.
A number of research firms have issued reports on PTEN. Citigroup Inc. raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. UBS AG reaffirmed a “buy” rating and set a $25.00 price objective (down from $35.00) on shares of Patterson-UTI Energy in a report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $24.00 price objective on shares of Patterson-UTI Energy in a report on Sunday, September 17th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $26.71.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same period in the previous year, the firm earned ($0.58) EPS. The business’s quarterly revenue was up 232.3% on a year-over-year basis. sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.41%. Patterson-UTI Energy’s payout ratio is currently -5.16%.
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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