Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Position Lessened by US Bancorp DE

US Bancorp DE lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,039 shares of the oil and gas company’s stock after selling 7,619 shares during the period. US Bancorp DE’s holdings in Patterson-UTI Energy were worth $407,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Gamco Investors INC. ET AL raised its position in shares of Patterson-UTI Energy by 39.5% in 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 buying an additional 19,790 shares in the last quarter. Connable Office Inc. purchased a new stake in shares of Patterson-UTI Energy in the first quarter worth $159,000. Magnus Financial Group LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $189,000. Geode Capital Management LLC raised its position 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 purchasing an additional 88,404 shares in the last quarter. Finally, Carillon Tower Advisers Inc. raised its position 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 purchasing an additional 810,625 shares in the last quarter. Institutional investors own 98.28% of the company’s stock.

Shares of NASDAQ:PTEN traded up $0.19 on Friday, reaching $11.22. 216,381 shares of the company traded hands, compared to its average volume of 3,329,526. Patterson-UTI Energy, Inc. has a 52 week low of $9.49 and a 52 week high of $19.29. The stock has a market capitalization of $2.15 billion, a P/E ratio of -33.21 and a beta of 1.43. The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. The company had revenue of $704.17 million for the quarter, compared to analysts’ expectations of $694.10 million. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. Patterson-UTI Energy’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period last year, the firm earned ($0.16) earnings per share. As a group, research analysts predict that Patterson-UTI Energy, Inc. will post -0.68 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, June 6th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.16 annualized dividend and a dividend yield of 1.43%. Patterson-UTI Energy’s payout ratio is presently -47.06%.

A number of equities research analysts have weighed in on PTEN shares. Citigroup lowered their price target on Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Raymond James set a $21.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, April 26th. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. TheStreet downgraded Patterson-UTI Energy from a “c-” rating to a “d” rating in a research report on Friday, March 15th. Finally, Zacks Investment Research upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday, February 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. Patterson-UTI Energy has an average rating of “Hold” and an average target price of $19.71.

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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.

Further Reading: How is Preferred Stock Different from Common Stock?

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

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