Voya Investment Management LLC raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 369.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 230,229 shares of the oil and gas company’s stock after purchasing an additional 181,143 shares during the period. Voya Investment Management LLC owned 0.11% of Patterson-UTI Energy worth $4,648,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after purchasing an additional 3,115,388 shares during the last quarter. BlackRock Inc. increased its position in shares of Patterson-UTI Energy by 11.5% in the 2nd quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock valued at $325,506,000 after purchasing an additional 1,660,164 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Patterson-UTI Energy by 6.2% in the 2nd quarter. Van ECK Associates Corp now owns 9,547,599 shares of the oil and gas company’s stock valued at $192,766,000 after purchasing an additional 559,430 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Patterson-UTI Energy by 39.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock valued at $158,823,000 after purchasing an additional 2,224,128 shares during the last quarter. Finally, State Street Corp increased its position in shares of Patterson-UTI Energy by 10.1% in the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock valued at $110,685,000 after purchasing an additional 418,702 shares during the last quarter. 98.56% of the stock is currently owned by institutional investors.

A number of equities research analysts have commented on the stock. Royal Bank Of Canada set a $35.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Saturday, June 24th. Citigroup Inc. raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $21.00 to $19.00 in a research report on Wednesday, August 30th. Seaport Global Securities downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $29.00 to $21.00 in a research report on Wednesday, June 21st. BMO Capital Markets reissued a “hold” rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Finally, BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of “Buy” and a consensus target price of $26.82.

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Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating the consensus estimate 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 $579.00 million during the quarter, compared to analyst estimates of $556.47 million. During the same quarter in the previous year, the firm earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 198.5% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.

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

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