Credit Suisse AG increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 25.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 157,733 shares of the oil and gas company’s stock after buying an additional 31,581 shares during the period. Credit Suisse AG owned about 0.10% of Patterson-UTI Energy worth $3,828,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Thrivent Financial For Lutherans raised its stake in shares of Patterson-UTI Energy by 3.0% in the first quarter. Thrivent Financial For Lutherans now owns 1,570,180 shares of the oil and gas company’s stock worth $38,108,000 after buying an additional 46,250 shares during the last quarter. Airain ltd acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth about $966,000. State Street Corp raised its stake in shares of Patterson-UTI Energy by 10.1% in the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after buying an additional 418,702 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Patterson-UTI Energy by 203.5% in the first quarter. Principal Financial Group Inc. now owns 1,979,118 shares of the oil and gas company’s stock worth $48,033,000 after buying an additional 1,326,968 shares during the last quarter. Finally, Viking Fund Management LLC raised its stake in shares of Patterson-UTI Energy by 4.8% in the first quarter. Viking Fund Management LLC now owns 440,000 shares of the oil and gas company’s stock worth $10,679,000 after buying an additional 20,000 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 4.426% during trading on Monday, hitting $18.245. The stock had a trading volume of 3,412,953 shares. The stock’s 50-day moving average price is $20.03 and its 200 day moving average price is $23.44. Patterson-UTI Energy, Inc. has a one year low of $18.12 and a one year high of $29.76. The stock’s market cap is $3.01 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579 million during the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 11.28%. The company’s revenue was up 198.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.58) earnings per share. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is -4.06%.
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A number of analysts have recently issued reports on PTEN shares. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $20.50 target price (down from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Morgan Stanley reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Jefferies Group LLC set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, April 24th. Wolfe Research lowered Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 6th. Finally, Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, June 24th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. Patterson-UTI Energy has a consensus rating of “Hold” and an average target price of $26.84.
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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