Texas Permanent School Fund increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 120,715 shares of the oil and gas company’s stock after buying an additional 287 shares during the period. Texas Permanent School Fund’s holdings in Patterson-UTI Energy were worth $2,437,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in PTEN. BlackRock Inc. increased its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares during the last quarter. Jennison Associates LLC increased its stake in Patterson-UTI Energy by 51.8% in the first quarter. Jennison Associates LLC now owns 5,801,622 shares of the oil and gas company’s stock valued at $140,805,000 after buying an additional 1,979,263 shares during the last quarter. Bank of America Corp DE increased its stake in Patterson-UTI Energy by 154.9% in the first quarter. Bank of America Corp DE now owns 2,849,697 shares of the oil and gas company’s stock valued at $69,161,000 after buying an additional 1,731,711 shares during the last quarter. Vanguard Group Inc. increased its stake in Patterson-UTI Energy by 14.4% in the first quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after buying an additional 1,719,414 shares during the last quarter. Finally, Strs Ohio bought a new stake in Patterson-UTI Energy during the second quarter valued at $30,285,000. 85.78% of the stock is owned by institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 17.29 on Thursday. The firm’s market capitalization is $2.85 billion. Patterson-UTI Energy, Inc. has a 1-year low of $17.25 and a 1-year high of $29.76. The firm’s 50-day moving average is $19.73 and its 200-day moving average is $23.11.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates 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 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter in the prior year, the firm earned ($0.58) EPS. The company’s revenue was up 198.5% on a year-over-year basis. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.
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Several equities research analysts have recently weighed in on PTEN shares. Deutsche Bank AG dropped their target price on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, April 28th. Jefferies Group LLC reissued a “buy” rating and issued a $32.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Wednesday, May 3rd. Evercore ISI reissued an “outperform” rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a research report on Tuesday, June 6th. BMO Capital Markets reissued a “hold” rating and issued a $28.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, April 13th. Finally, Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have assigned a buy rating to the stock. Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $27.38.
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.
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