William Blair Investment Management LLC decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.9% during the first quarter, HoldingsChannel.com reports. The fund owned 51,241 shares of the oil and gas company’s stock after selling 5,610 shares during the quarter. William Blair Investment Management LLC’s holdings in Patterson-UTI Energy were worth $718,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL boosted its stake in Patterson-UTI Energy by 39.5% during the first quarter. Gamco Investors INC. ET AL now owns 69,890 shares of the oil and gas company’s stock worth $980,000 after acquiring an additional 19,790 shares in the last quarter. Connable Office Inc. purchased a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $159,000. Magnus Financial Group LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $189,000. Geode Capital Management LLC increased its holdings in Patterson-UTI Energy by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock valued at $23,479,000 after buying an additional 88,404 shares during the last quarter. Finally, Carillon Tower Advisers Inc. increased its holdings in Patterson-UTI Energy by 133.5% during the first quarter. Carillon Tower Advisers Inc. now owns 1,417,750 shares of the oil and gas company’s stock valued at $19,877,000 after buying an additional 810,625 shares during the last quarter. Hedge funds and other institutional investors own 98.28% of the company’s stock.
A number of equities analysts recently weighed in on PTEN shares. ValuEngine lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. BidaskClub lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Raymond James set a $21.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, TheStreet downgraded shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. Patterson-UTI Energy has a consensus rating of “Hold” and a consensus target price of $19.71.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The firm had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. During the same period last year, the company earned ($0.16) earnings per share. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.68 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.
Patterson-UTI Energy Company Profile
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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