Viking Fund Management LLC held its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 440,000 shares of the oil and gas company’s stock at the end of the second quarter. Patterson-UTI Energy makes up approximately 1.4% of Viking Fund Management LLC’s portfolio, making the stock its 26th largest position. Viking Fund Management LLC owned approximately 0.27% of Patterson-UTI Energy worth $8,884,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 in the last quarter. Van ECK Associates Corp boosted its stake in shares of Patterson-UTI Energy by 5.2% in the first quarter. Van ECK Associates Corp now owns 8,988,169 shares of the oil and gas company’s stock valued at $218,143,000 after buying an additional 442,699 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Patterson-UTI Energy by 8.3% in the first quarter. Wells Fargo & Company MN now owns 6,150,343 shares of the oil and gas company’s stock valued at $149,267,000 after buying an additional 468,960 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of 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 in the last quarter. Institutional investors own 85.78% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 18.32 on Tuesday. The firm’s 50 day moving average is $20.03 and its 200 day moving average is $23.44. The stock’s market capitalization is $3.02 billion. Patterson-UTI Energy, Inc. has a 52-week low of $18.12 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 11.28% and a negative net margin of 23.78%. The business had revenue of $579 million during the quarter, compared to the consensus estimate of $556.47 million. During the same period in the previous year, the company posted ($0.58) earnings per share. The business’s revenue for the quarter was up 198.5% on a year-over-year basis. Equities analysts expect that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
Several equities research analysts recently weighed in on PTEN shares. Piper Jaffray Companies restated a “neutral” rating and issued a $20.50 price target (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Morgan Stanley reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Jefferies Group LLC set a $35.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Monday, April 24th. Wolfe Research cut shares of 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 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Saturday, June 24th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $26.84.
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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