Bank of New York Mellon Corp increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 59.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,280,292 shares of the oil and gas company’s stock after buying an additional 1,228,607 shares during the period. Bank of New York Mellon Corp owned approximately 1.99% of Patterson-UTI Energy worth $66,229,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PTEN. Capstone Asset Management Co. boosted its position in shares of Patterson-UTI Energy by 7.3% in the first quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock worth $327,000 after buying an additional 920 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Patterson-UTI Energy by 4.1% in the first quarter. Nationwide Fund Advisors now owns 336,211 shares of the oil and gas company’s stock worth $8,160,000 after buying an additional 13,091 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Patterson-UTI Energy by 6.8% in the first quarter. ProShare Advisors LLC now owns 28,449 shares of the oil and gas company’s stock worth $690,000 after buying an additional 1,818 shares during the last quarter. First Mercantile Trust Co. bought a new position in shares of Patterson-UTI Energy during the first quarter worth about $263,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Patterson-UTI Energy by 14.0% in the first quarter. Russell Investments Group Ltd. now owns 199,723 shares of the oil and gas company’s stock worth $4,847,000 after buying an additional 24,511 shares during the last quarter. 98.57% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at 15.80 on Thursday. The company’s market capitalization is $3.34 billion. The stock has a 50 day moving average price of $18.38 and a 200 day moving average price of $22.12. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The firm had revenue of $579 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter in the previous year, the company earned ($0.58) earnings per share. The company’s revenue for the quarter was up 198.5% compared to the same quarter last year. Analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is -4.06%.

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A number of brokerages have recently issued reports on PTEN. Jefferies Group LLC reaffirmed a “buy” rating and set a $32.00 price target (down from $35.00) on shares of Patterson-UTI Energy in a report on Wednesday, May 3rd. Capital One Financial Corporation raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a report on Monday, May 8th. BMO Capital Markets set a $28.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a report on Friday, May 19th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $35.00 price target on shares of Patterson-UTI Energy in a report on Friday, May 19th. Finally, Wolfe Research cut Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $27.57.

About Patterson-UTI Energy

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.

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

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