Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Patterson-UTI Energy, Inc. (PTEN)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 325.2% in the 4th quarter, HoldingsChannel reports. The fund owned 31,666 shares of the oil and gas company’s stock after acquiring an additional 24,218 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Patterson-UTI Energy were worth $729,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Mutual of America Capital Management LLC grew its position in shares of Patterson-UTI Energy by 5.7% in the 4th quarter. Mutual of America Capital Management LLC now owns 181,607 shares of the oil and gas company’s stock worth $4,179,000 after acquiring an additional 9,852 shares in the last quarter. Dupont Capital Management Corp grew its position in shares of Patterson-UTI Energy by 572.4% in the 4th quarter. Dupont Capital Management Corp now owns 64,844 shares of the oil and gas company’s stock worth $1,492,000 after acquiring an additional 55,200 shares in the last quarter. Mesirow Financial Investment Management Equity Management grew its position in shares of Patterson-UTI Energy by 1.3% in the 4th quarter. Mesirow Financial Investment Management Equity Management now owns 1,072,763 shares of the oil and gas company’s stock worth $24,685,000 after acquiring an additional 14,020 shares in the last quarter. SG Capital Management LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $14,186,000. Finally, Eqis Capital Management Inc. grew its position in shares of Patterson-UTI Energy by 12.4% in the 4th quarter. Eqis Capital Management Inc. now owns 20,497 shares of the oil and gas company’s stock worth $472,000 after acquiring an additional 2,265 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.

Shares of Patterson-UTI Energy, Inc. (PTEN) opened at $18.30 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. The firm has a market capitalization of $4,070.00, a price-to-earnings ratio of -140.77 and a beta of 1.02. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The firm’s revenue was up 218.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.53) EPS.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Wednesday, March 7th. Patterson-UTI Energy’s payout ratio is currently -61.54%.

Several research analysts have recently commented on PTEN shares. Piper Jaffray Companies set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday, October 31st. Jefferies Group set a $30.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, January 4th. SunTrust Banks lifted their target price on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Finally, BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.28.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 4.60% of the stock is owned by insiders.

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Patterson-UTI Energy Profile

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

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