Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,547,599 shares of the oil and gas company’s stock after acquiring an additional 559,430 shares during the quarter. Patterson-UTI Energy makes up about 1.1% of Van ECK Associates Corp’s holdings, making the stock its 22nd largest holding. Van ECK Associates Corp owned 5.79% of Patterson-UTI Energy worth $192,766,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Thrivent Financial For Lutherans raised its holdings in shares of Patterson-UTI Energy by 3.0% during the first quarter. Thrivent Financial For Lutherans now owns 1,570,180 shares of the oil and gas company’s stock valued at $38,108,000 after acquiring an additional 46,250 shares during the last quarter. State Street Corp raised its holdings in shares of Patterson-UTI Energy by 10.1% during the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock valued at $110,685,000 after acquiring an additional 418,702 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Patterson-UTI Energy by 59.9% during the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock valued at $66,229,000 after acquiring an additional 1,228,607 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 60.9% during the second quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock valued at $64,290,000 after acquiring an additional 1,205,084 shares during the last quarter. Finally, Virginia Retirement Systems ET AL raised its holdings in shares of Patterson-UTI Energy by 14.6% during the second quarter. Virginia Retirement Systems ET AL now owns 166,417 shares of the oil and gas company’s stock valued at $3,360,000 after acquiring an additional 21,200 shares during the last quarter. 98.44% of the stock is owned by institutional investors and hedge funds.

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 0.75% during midday trading on Tuesday, reaching $18.57. The company’s stock had a trading volume of 1,439,628 shares. Patterson-UTI Energy, Inc. has a 52 week low of $14.83 and a 52 week high of $29.76. The firm’s 50-day moving average price is $17.09 and its 200-day moving average price is $20.88. The stock’s market capitalization is $3.93 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.58) EPS. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.92) earnings per share for the current year.

The firm also recently declared 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 0.43%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -4.06%.

A number of brokerages have commented on PTEN. BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, June 24th. BMO Capital Markets reissued a “hold” rating and set a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Finally, Jefferies Group LLC set a $32.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $27.36.

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.

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

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