Lord Abbett & CO. LLC Acquires 70,913 Shares of Patterson-UTI Energy, Inc. (PTEN)

Lord Abbett & CO. LLC lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,217,216 shares of the oil and gas company’s stock after buying an additional 70,913 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.57% of Patterson-UTI Energy worth $24,576,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PTEN. BlackRock Inc. grew its position in shares of Patterson-UTI Energy by 11,291.0% in the 1st quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock worth $350,991,000 after buying an additional 14,334,961 shares during the period. BlueMountain Capital Management LLC grew its position in shares of Patterson-UTI Energy by 8,571.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after buying an additional 3,718,478 shares during the period. Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 22.8% in the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after buying an additional 3,115,388 shares during the period. Axar Capital Management L.P. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth about $59,956,000. Finally, JPMorgan Chase & Co. grew its position in shares of Patterson-UTI Energy by 39.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after buying an additional 2,224,128 shares during the period. 98.67% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on the stock. Cowen and Company set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Wednesday, October 11th. Deutsche Bank AG assumed coverage on shares of Patterson-UTI Energy in a research report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 target price on the stock. Jefferies Group LLC set a $26.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. Finally, Citigroup Inc. set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $26.82.

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at 18.92 on Monday. The stock has a 50 day moving average of $19.47 and a 200 day moving average of $20.11. The company’s market cap is $4.01 billion. Patterson-UTI Energy, Inc. has a 52 week low of $14.83 and a 52 week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results 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 10.03% and a negative net margin of 23.78%. The firm had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the previous year, the company posted ($0.58) earnings per share. The company’s revenue was up 198.5% compared to the same quarter last year. Equities research analysts predict that Patterson-UTI Energy, Inc. will post ($0.90) EPS for the current fiscal year.

Patterson-UTI Energy 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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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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