Patterson-UTI Energy Inc. (PTEN) Position Lowered by Retirement Systems of Alabama
Retirement Systems of Alabama lowered its position in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 9.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 678,101 shares of the company’s stock after selling 74,667 shares during the period. Retirement Systems of Alabama owned 0.47% of Patterson-UTI Energy worth $14,457,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of Montreal Can bought a new position in Patterson-UTI Energy during the second quarter worth approximately $7,222,000. Parkwood LLC bought a new position in Patterson-UTI Energy during the second quarter worth approximately $1,133,000. Oakbrook Investments LLC raised its position in Patterson-UTI Energy by 10.7% in the second quarter. Oakbrook Investments LLC now owns 13,400 shares of the company’s stock worth $286,000 after buying an additional 1,300 shares in the last quarter. Morgens Waterfall Vintiadis & Co. Inc. bought a new position in Patterson-UTI Energy during the second quarter worth approximately $3,091,000. Finally, LS Investment Advisors LLC raised its position in Patterson-UTI Energy by 76.1% in the second quarter. LS Investment Advisors LLC now owns 8,822 shares of the company’s stock worth $188,000 after buying an additional 3,811 shares in the last quarter.
Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded up 2.76% on Friday, hitting $22.37. 5,983,778 shares of the stock traded hands. The firm’s 50 day moving average is $19.95 and its 200 day moving average is $19.28. Patterson-UTI Energy Inc. has a 52 week low of $10.94 and a 52 week high of $22.66. The stock’s market cap is $3.27 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 28th. The company reported ($0.58) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The business earned $193.90 million during the quarter, compared to analysts’ expectations of $193.19 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The firm’s revenue was down 59.0% on a year-over-year basis. Equities analysts anticipate that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -2.67%.
A number of research analysts recently commented on the stock. DA Davidson reiterated a “buy” rating and set a $26.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, September 15th. Gabelli upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, September 14th. Citigroup Inc. lowered their price objective on shares of Patterson-UTI Energy from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Monday, September 12th. Nomura set a $18.00 price objective on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research note on Tuesday, August 16th. Finally, Bank of America Corp. upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research report on Tuesday, August 16th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. Patterson-UTI Energy has an average rating of “Hold” and an average price target of $19.64.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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