Oakbrook Investments LLC lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,200 shares of the oil and gas company’s stock after selling 4,300 shares during the period. Oakbrook Investments LLC’s holdings in Patterson-UTI Energy were worth $221,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of PTEN. BNP Paribas Arbitrage SA grew its holdings in Patterson-UTI Energy by 6,105.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,764,317 shares of the oil and gas company’s stock valued at $24,736,000 after purchasing an additional 1,735,884 shares during the last quarter. Scout Investments Inc. raised its holdings in shares of Patterson-UTI Energy by 136.6% in the first quarter. Scout Investments Inc. now owns 2,094,601 shares of the oil and gas company’s stock worth $29,366,000 after buying an additional 1,209,229 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after buying an additional 1,191,714 shares during the last quarter. Norges Bank purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $10,643,000. Finally, Carillon Tower Advisers Inc. raised its holdings in shares of Patterson-UTI Energy by 133.5% in the first quarter. Carillon Tower Advisers Inc. now owns 1,417,750 shares of the oil and gas company’s stock worth $19,877,000 after buying an additional 810,625 shares during the last quarter. Institutional investors own 97.45% of the company’s stock.
A number of research analysts have issued reports on PTEN shares. Morgan Stanley set a $207.00 price target on shares of Alibaba Group and gave the stock a “buy” rating in a report on Friday, July 12th. Royal Bank of Canada set a $179.00 price target on shares of 3M and gave the stock a “hold” rating in a report on Friday, July 26th. Piper Jaffray Companies decreased their price target on shares of Illumina from $382.00 to $348.00 and set an “overweight” rating for the company in a report on Tuesday. UBS Group set a $230.00 price target on shares of Align Technology and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Raymond James set a $240.00 price target on shares of Stryker and gave the stock a “buy” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $15.85.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. The firm had revenue of $675.77 million for the quarter, compared to analyst estimates of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.66%. The business’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.38%. Patterson-UTI Energy’s payout ratio is currently -47.06%.
Patterson-UTI Energy 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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