Patterson-UTI Energy, Inc. (PTEN) Position Boosted by World Asset Management Inc
World Asset Management Inc boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 22.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,096 shares of the oil and gas company’s stock after buying an additional 2,772 shares during the quarter. World Asset Management Inc owned approximately 6,786.24% of Patterson-UTI Energy worth $316,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Patterson-UTI Energy by 22.8% in the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after buying an additional 3,115,388 shares during the last quarter. BlackRock Inc. boosted its stake 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 valued at $325,506,000 after acquiring an additional 1,660,164 shares in the last quarter. Van ECK Associates Corp boosted its stake in Patterson-UTI Energy by 6.2% in the second 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 acquiring an additional 559,430 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Patterson-UTI Energy by 39.4% in the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock valued at $158,823,000 after acquiring an additional 2,224,128 shares in the last quarter. Finally, State Street Corp boosted its stake in Patterson-UTI Energy by 9.3% in the second quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock valued at $100,628,000 after acquiring an additional 423,443 shares in the last quarter. 95.00% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at $20.84 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $29.76. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.
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 for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s revenue for the quarter was up 232.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.58) EPS. research analysts expect that Patterson-UTI Energy, Inc. will post -0.82 EPS for the current fiscal year.
The business also recently declared 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. The ex-dividend date is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
Several research firms have issued reports on PTEN. Citigroup Inc. upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. UBS AG restated a “buy” rating and issued a $25.00 price objective (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Finally, Cowen and Company reiterated a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research note on Sunday, September 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $26.71.
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.
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