Brandywine Global Investment Management LLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 487,533 shares of the oil and gas company’s stock after buying an additional 33,260 shares during the period. Brandywine Global Investment Management LLC owned 0.23% of Patterson-UTI Energy worth $9,844,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of 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 valued at $203,000 after acquiring an additional 4,653 shares during the period. Madden Advisory Services Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after acquiring an additional 780 shares during the period. Finally, World Asset Management Inc boosted its holdings in shares of Patterson-UTI Energy by 12.4% in the first quarter. World Asset Management Inc now owns 12,029 shares of the oil and gas company’s stock valued at $292,000 after acquiring an additional 1,328 shares during the period. Institutional investors and hedge funds own 98.56% of the company’s stock.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 20.94 on Monday. The firm’s market capitalization is $4.43 billion. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76. The company’s 50-day moving average price is $17.07 and its 200 day moving average price is $20.81.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same period last year, the firm earned ($0.58) EPS. The firm’s revenue for the quarter was up 198.5% on a year-over-year basis. On average, analysts forecast that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.38%. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.

A number of brokerages have recently issued reports on PTEN. Piper Jaffray Companies restated a “neutral” rating and set a $20.50 target price (down from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Wolfe Research downgraded shares of Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 6th. Royal Bank Of Canada set a $35.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday, June 24th. Capital One Financial Corporation cut shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 27th. Finally, Cowen and Company reiterated a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a research note on Sunday, September 17th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $27.23.

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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.

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

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