BP Capital Fund Advisors LLC raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 240,105 shares of the oil and gas company’s stock after purchasing an additional 9,880 shares during the period. Patterson-UTI Energy accounts for about 2.3% of BP Capital Fund Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. BP Capital Fund Advisors LLC owned approximately 0.15% of Patterson-UTI Energy worth $4,848,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its holdings in Patterson-UTI Energy by 86.2% during the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. grew its holdings in Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after purchasing an additional 1,089 shares during the period. Gluskin Sheff & Assoc Inc. grew its holdings in Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the period. Pacad Investment Ltd. bought a new stake in Patterson-UTI Energy during the second quarter valued at about $246,000. Finally, World Asset Management Inc grew its holdings in Patterson-UTI Energy by 2.5% during the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 295 shares during the period. 98.44% of the stock is owned by institutional investors and hedge funds.

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Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 1.33% during midday trading on Thursday, reaching $19.23. The company’s stock had a trading volume of 896,428 shares. The firm’s market cap is $4.07 billion. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76. The stock’s 50 day moving average price is $17.07 and its 200 day moving average price is $20.81.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business’s revenue for the quarter was up 198.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.58) EPS. Analysts predict that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders 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 dividend yield of 0.41%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is currently -4.06%.

PTEN has been the subject of several recent research reports. Wolfe Research lowered Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 6th. Evercore ISI reissued an “outperform” rating and set a $35.00 price target on shares of Patterson-UTI Energy in a report on Tuesday, June 6th. Jefferies Group LLC set a $32.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Tuesday, June 6th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Seaport Global Securities lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and cut their price target for the company from $29.00 to $21.00 in a report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price 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.

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

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