Wealthsource Partners LLC lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 29.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,893 shares of the oil and gas company’s stock after selling 4,479 shares during the period. Wealthsource Partners LLC’s holdings in Patterson-UTI Energy were worth $251,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTEN. Tower Research Capital LLC TRC grew its holdings in shares of Patterson-UTI Energy by 621.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after acquiring an additional 7,274 shares during the period. Ballentine Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $216,000. WealthTrust Axiom LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $217,000. Schroder Investment Management Group acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $219,000. Finally, Falcon Point Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $222,000. Institutional investors and hedge funds own 99.66% of the company’s stock.
In other news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The business had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same quarter last year, the business earned ($0.53) EPS. Patterson-UTI Energy’s revenue for the quarter was up 218.9% compared to the same quarter last year. equities analysts predict that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th were 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 of this dividend was Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
PTEN has been the topic of a number of research reports. SunTrust Banks upped their price target on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Zacks Investment Research cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Royal Bank of Canada set a $34.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Monday, February 5th. Finally, Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty have issued a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus price target of $26.00.
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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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