Viking Fund Management LLC maintained its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, Holdings Channel reports. The firm owned 440,000 shares of the oil and gas company’s stock at the end of the second quarter. Patterson-UTI Energy comprises approximately 1.4% of Viking Fund Management LLC’s portfolio, making the stock its 26th largest position. Viking Fund Management LLC’s holdings in Patterson-UTI Energy were worth $8,884,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted 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 during the last quarter. Tudor Investment Corp Et Al bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $242,000. LS Investment Advisors LLC boosted 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 during the last quarter. First Mercantile Trust Co. acquired a new position in Patterson-UTI Energy during the first quarter worth about $263,000. Finally, Timber Hill LLC acquired a new position in Patterson-UTI Energy during the first quarter worth about $269,000. Institutional investors and hedge funds own 84.97% of the company’s stock.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 3.51% during midday trading on Friday, reaching $20.05. The company had a trading volume of 3,057,236 shares. Patterson-UTI Energy, Inc. has a 12-month low of $17.61 and a 12-month high of $29.76. The company has a 50-day moving average of $20.34 and a 200-day moving average of $23.98. The stock’s market capitalization is $3.31 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.02. The business had revenue of $305.20 million during the quarter, compared to analysts’ expectations of $294.82 million. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.48) earnings per share. On average, analysts predict that Patterson-UTI Energy, Inc. will post ($1.04) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Tuesday, June 6th. Patterson-UTI Energy’s payout ratio is -3.83%.
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A number of equities analysts have issued reports on PTEN shares. Jefferies Group LLC restated a “buy” rating and set a $32.00 price target (down from $35.00) on shares of Patterson-UTI Energy in a report on Wednesday, May 3rd. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Thursday, April 27th. Nomura upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a report on Wednesday, April 5th. Instinet upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $26.00 to $31.00 in a report on Wednesday, April 5th. Finally, Tudor Pickering upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Monday, April 3rd. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus price target of $27.54.
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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