UBS Group AG Reduces Stake in Patterson-UTI Energy, Inc. (PTEN)
UBS Group AG lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 70,298 shares of the oil and gas company’s stock after selling 7,285 shares during the period. UBS Group AG’s holdings in Patterson-UTI Energy were worth $1,706,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of PTEN. Jennison Associates LLC boosted its position in 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 during the period. Vanguard Group Inc. boosted its stake in 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 during the last quarter. Norges Bank purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $38,534,000. Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 203.5% in the first quarter. Principal Financial Group Inc. now owns 1,979,118 shares of the oil and gas company’s stock valued at $48,033,000 after buying an additional 1,326,968 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded down 2.89% during trading on Tuesday, reaching $17.79. The company’s stock had a trading volume of 3,880,367 shares. Patterson-UTI Energy, Inc. has a 12-month low of $17.71 and a 12-month high of $29.76. The stock’s market cap is $2.93 billion. The stock’s 50-day moving average is $19.93 and its 200-day moving average is $23.35.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating 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 11.28%. Patterson-UTI Energy’s revenue was up 198.5% compared to the same quarter last year. During the same period last year, the company posted ($0.58) earnings per share. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.45%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is -4.06%.
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Several equities research analysts have commented on the company. BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday. UBS AG reaffirmed a “buy” rating and set a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Jefferies Group LLC set a $26.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, July 29th. Capital One Financial Corporation lowered Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a research report on Thursday, July 27th. Finally, Piper Jaffray Companies set a $22.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the company. Patterson-UTI Energy has an average rating of “Hold” and a consensus price target of $26.84.
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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