Municipal Employees Retirement System of Michigan reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,500 shares of the oil and gas company’s stock after selling 12,460 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Patterson-UTI Energy were worth $1,282,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in shares of Patterson-UTI Energy by 158.6% in the fourth quarter. Renaissance Technologies LLC now owns 34,238 shares of the oil and gas company’s stock valued at $922,000 after buying an additional 21,000 shares during the period. Creative Planning increased its stake in Patterson-UTI Energy by 7,521.7% in the first quarter. Creative Planning now owns 37,575 shares of the oil and gas company’s stock valued at $912,000 after buying an additional 37,082 shares in the last quarter. Capstone Asset Management Co. increased its stake in Patterson-UTI Energy by 7.3% in 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 buying an additional 920 shares in the last quarter. Viking Fund Management LLC increased its stake in 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 valued at $10,679,000 after buying an additional 20,000 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Patterson-UTI Energy by 14.8% in the first quarter. Louisiana State Employees Retirement System now owns 42,000 shares of the oil and gas company’s stock valued at $1,019,000 after buying an additional 5,400 shares in the last quarter. 86.12% of the stock is currently owned by institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 1.23% on Friday, reaching $15.63. The company’s stock had a trading volume of 5,557,201 shares. Patterson-UTI Energy, Inc. has a 1-year low of $15.25 and a 1-year high of $29.76. The stock has a 50 day moving average price of $19.00 and a 200-day moving average price of $22.57. The company’s market capitalization is $3.31 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results 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 for 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 10.03%. The business’s revenue for the quarter was up 198.5% compared to the same quarter last year. During the same period last year, the business posted ($0.58) earnings per share. Equities analysts predict that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.51%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.
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Several research firms have recently issued reports on PTEN. Capital One Financial Corporation raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, May 8th. Morgan Stanley reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Zacks Investment Research cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Royal Bank Of Canada reissued a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Finally, Jefferies Group LLC set a $26.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, July 29th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $27.78.
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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