State of Tennessee Treasury Department Has $3,089,000 Position in Patterson-UTI Energy, Inc. (PTEN)
State of Tennessee Treasury Department continued to hold its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,000 shares of the oil and gas company’s stock at the close of the second quarter. State of Tennessee Treasury Department owned approximately 0.09% of Patterson-UTI Energy worth $3,089,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in PTEN. PNC Financial Services Group Inc. grew its stake in shares of 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 in the last quarter. Pacad Investment Ltd. bought a new position in shares of Patterson-UTI Energy in the second quarter valued at $246,000. World Asset Management Inc grew its stake in shares of Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares in the last quarter. LS Investment Advisors LLC grew its stake in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock valued at $262,000 after buying an additional 754 shares in the last quarter. Finally, Timber Hill LLC bought a new position in shares of Patterson-UTI Energy in the first quarter valued at $269,000. 98.57% of the stock is owned by institutional investors and hedge funds.
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Several equities analysts recently weighed in on PTEN shares. Zacks Investment Research cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Societe Generale assumed coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price for the company. Royal Bank Of Canada reaffirmed a “buy” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Jefferies Group LLC set a $26.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, July 29th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $27.30.
Shares of Patterson-UTI Energy, Inc. (PTEN) opened at 18.47 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $29.76. The stock has a 50 day moving average of $17.13 and a 200-day moving average of $21.11. The company’s market cap is $3.91 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.58) EPS. Equities analysts forecast that Patterson-UTI Energy, Inc. will post ($0.92) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.43%. Patterson-UTI Energy’s payout ratio 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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