361 Capital LLC Purchases 6,914 Shares of Patterson-UTI Energy, Inc. (PTEN)
361 Capital LLC increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,388 shares of the oil and gas company’s stock after purchasing an additional 6,914 shares during the period. 361 Capital LLC’s holdings in Patterson-UTI Energy were worth $1,725,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Timber Hill LLC purchased a new stake in Patterson-UTI Energy in the third quarter worth $256,000. Hood River Capital Management LLC grew its stake in Patterson-UTI Energy by 2.2% in the third quarter. Hood River Capital Management LLC now owns 476,430 shares of the oil and gas company’s stock worth $9,976,000 after purchasing an additional 10,183 shares during the period. Comerica Bank grew its stake in Patterson-UTI Energy by 33.4% in the third quarter. Comerica Bank now owns 194,306 shares of the oil and gas company’s stock worth $3,838,000 after purchasing an additional 48,684 shares during the period. Bank of New York Mellon Corp grew its stake in Patterson-UTI Energy by 33.9% in the third quarter. Bank of New York Mellon Corp now owns 4,391,581 shares of the oil and gas company’s stock worth $91,959,000 after purchasing an additional 1,111,289 shares during the period. Finally, Rhumbline Advisers grew its stake in Patterson-UTI Energy by 18.9% in the third quarter. Rhumbline Advisers now owns 453,345 shares of the oil and gas company’s stock worth $9,493,000 after purchasing an additional 71,947 shares during the period. 95.05% of the stock is currently owned by institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up $0.39 during mid-day trading on Friday, reaching $20.02. The company’s stock had a trading volume of 2,170,020 shares, compared to its average volume of 4,147,601. Patterson-UTI Energy, Inc. has a 52 week low of $14.83 and a 52 week high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. During the same quarter in the prior year, the company earned ($0.58) earnings per share. Patterson-UTI Energy’s revenue was up 232.3% on a year-over-year basis. equities analysts predict that Patterson-UTI Energy, Inc. will post -0.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is -5.16%.
Several research firms have commented on PTEN. Cowen and Company reissued a “market perform” rating and issued a $20.00 target price (down from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Wednesday, October 11th. Societe Generale began coverage on Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price on the stock. Finally, UBS AG reissued a “buy” rating and issued a $25.00 target price (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. One investment analyst has rated the stock with a sell rating, ten have given 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 Company 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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