Key Group Holdings Cayman LTD. Buys Shares of 721,897 Patterson-UTI Energy, Inc. (PTEN)
Key Group Holdings Cayman LTD. purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 721,897 shares of the oil and gas company’s stock, valued at approximately $14,575,000. Patterson-UTI Energy accounts for about 1.3% of Key Group Holdings Cayman LTD.’s investment portfolio, making the stock its 24th largest position. Key Group Holdings Cayman LTD. owned approximately 0.34% of Patterson-UTI Energy as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of PTEN. Thrivent Financial For Lutherans grew its position in Patterson-UTI Energy by 3.0% in the 1st quarter. Thrivent Financial For Lutherans now owns 1,570,180 shares of the oil and gas company’s stock worth $38,108,000 after purchasing an additional 46,250 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Patterson-UTI Energy by 60.9% during the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after purchasing an additional 1,205,084 shares during the period. State Street Corp increased its holdings in shares of Patterson-UTI Energy by 10.1% during the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after purchasing an additional 418,702 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Patterson-UTI Energy by 59.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after purchasing an additional 1,228,607 shares during the period. Finally, Virginia Retirement Systems ET AL increased its holdings in shares of Patterson-UTI Energy by 14.6% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 166,417 shares of the oil and gas company’s stock worth $3,360,000 after purchasing an additional 21,200 shares during the period. 98.56% of the stock is owned by hedge funds and other institutional investors.
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Shares of Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded down 0.53% on Monday, reaching $20.83. 1,623,251 shares of the company traded hands. The company’s market capitalization is $4.41 billion. The firm’s 50 day moving average is $17.07 and its 200 day moving average is $20.81. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.58) earnings per share. Analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were paid a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.38%. Patterson-UTI Energy’s payout ratio is currently -4.06%.
PTEN has been the subject of several research reports. BidaskClub cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, June 24th. BMO Capital Markets restated a “hold” rating and set a $23.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Jefferies Group LLC set a $32.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Tuesday, June 6th. Finally, Capital One Financial Corporation cut Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.23.
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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