Swiss National Bank lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 413,800 shares of the oil and gas company’s stock after selling 14,500 shares during the period. Swiss National Bank’s holdings in Patterson-UTI Energy were worth $4,113,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in PTEN. Prudential Financial Inc. grew its position in shares of Patterson-UTI Energy by 0.7% during the 1st quarter. Prudential Financial Inc. now owns 214,595 shares of the oil and gas company’s stock worth $1,530,000 after buying an additional 1,390 shares in the last quarter. Mutual of America Capital Management LLC grew its position in shares of Patterson-UTI Energy by 6.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 25,072 shares of the oil and gas company’s stock worth $179,000 after buying an additional 1,468 shares in the last quarter. Gamco Investors INC. ET AL grew its position in shares of Patterson-UTI Energy by 4.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 40,990 shares of the oil and gas company’s stock worth $292,000 after buying an additional 1,639 shares in the last quarter. US Bancorp DE lifted its stake in shares of Patterson-UTI Energy by 12.7% during the 2nd quarter. US Bancorp DE now owns 17,801 shares of the oil and gas company’s stock worth $178,000 after purchasing an additional 2,002 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Patterson-UTI Energy by 2.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 129,950 shares of the oil and gas company’s stock worth $1,291,000 after purchasing an additional 3,230 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.
A number of equities research analysts recently weighed in on PTEN shares. Evercore ISI upgraded Patterson-UTI Energy from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $8.00 to $12.00 in a research note on Wednesday, June 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $9.50 price objective on shares of Patterson-UTI Energy in a research note on Thursday, September 9th. Finally, Morgan Stanley upped their price objective on Patterson-UTI Energy from $7.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Friday, July 9th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.50.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 29th. The oil and gas company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.02). Patterson-UTI Energy had a negative net margin of 44.59% and a negative return on equity of 21.76%. The business had revenue of $291.77 million during the quarter, compared to analysts’ expectations of $294.73 million. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -1.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Thursday, September 2nd were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Wednesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -3.69%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.
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