Northwestern Mutual Investment Management Company LLC Cuts Stake in Patterson-UTI Energy, Inc. (PTEN)

Northwestern Mutual Investment Management Company LLC lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,442 shares of the oil and gas company’s stock after selling 3,223 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Patterson-UTI Energy were worth $542,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Capstone Asset Management Co. boosted its position in Patterson-UTI Energy by 7.3% during the first quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 920 shares in the last quarter. ProShare Advisors LLC boosted its position in Patterson-UTI Energy by 6.8% during the first quarter. ProShare Advisors LLC now owns 28,449 shares of the oil and gas company’s stock valued at $690,000 after purchasing an additional 1,818 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Patterson-UTI Energy by 14.0% during the first quarter. Russell Investments Group Ltd. now owns 199,723 shares of the oil and gas company’s stock valued at $4,847,000 after purchasing an additional 24,511 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Patterson-UTI Energy by 12.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 57,397 shares of the oil and gas company’s stock valued at $1,393,000 after purchasing an additional 6,375 shares in the last quarter. Finally, State Treasurer State of Michigan boosted its position in Patterson-UTI Energy by 13.4% during the first quarter. State Treasurer State of Michigan now owns 67,600 shares of the oil and gas company’s stock valued at $1,641,000 after purchasing an additional 8,000 shares in the last quarter. Hedge funds and other institutional investors own 98.57% of the company’s stock.

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A number of brokerages recently weighed in on PTEN. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Saturday, June 24th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research report on Tuesday, September 5th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $23.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have assigned a buy rating to the stock. Patterson-UTI Energy has a consensus rating of “Buy” and a consensus target price of $27.25.

Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 17.86 on Wednesday. The firm’s market cap is $3.78 billion. Patterson-UTI Energy, Inc. has a 12-month low of $14.83 and a 12-month high of $29.76. The company’s 50 day moving average price is $17.25 and its 200-day moving average price is $21.21.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The firm had revenue of $579.00 million during the quarter, compared to analysts’ expectations 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 business’s revenue was up 198.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.58) EPS. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be given a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.45%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.

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

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