Gateway Investment Advisers LLC Has $8.59 Million Holdings in Patterson-UTI Energy, Inc. (PTEN)
Gateway Investment Advisers LLC lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 373,380 shares of the oil and gas company’s stock after selling 52,887 shares during the period. Gateway Investment Advisers LLC’s holdings in Patterson-UTI Energy were worth $8,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of PTEN. Schwab Charles Investment Management Inc. boosted its holdings in Patterson-UTI Energy by 2.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 609,049 shares of the oil and gas company’s stock worth $12,297,000 after acquiring an additional 12,593 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Patterson-UTI Energy in the second quarter worth about $2,288,000. Riverhead Capital Management LLC boosted its holdings in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Patterson-UTI Energy by 14.4% in the second quarter. TIAA CREF Investment Management LLC now owns 825,045 shares of the oil and gas company’s stock worth $16,658,000 after acquiring an additional 103,898 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Patterson-UTI Energy by 11.5% in the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after acquiring an additional 1,660,164 shares in the last quarter. Institutional investors own 97.71% of the company’s stock.
PTEN has been the subject of several recent analyst reports. Credit Suisse Group lowered their price target on Patterson-UTI Energy from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Friday, September 22nd. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Wednesday, October 11th. SunTrust Banks raised their price target on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Jefferies Group set a $26.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $27.40.
Patterson-UTI Energy, Inc. (PTEN) opened at $24.48 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $14.83 and a twelve month high of $29.76. The stock has a market capitalization of $5,450.00, a P/E ratio of -15.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $688.05 million. During the same period in the previous year, the company posted ($0.58) earnings per share. Patterson-UTI Energy’s revenue for the quarter was up 232.3% on a year-over-year basis. equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.8 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.
Patterson-UTI Energy 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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