Valueworks LLC Buys Shares of 110,539 Patterson-UTI Energy, Inc. (PTEN)
Valueworks LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 110,539 shares of the oil and gas company’s stock, valued at approximately $2,232,000. Patterson-UTI Energy comprises 1.7% of Valueworks LLC’s holdings, making the stock its 23rd largest holding. Valueworks LLC owned about 0.05% of Patterson-UTI Energy as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in Patterson-UTI Energy by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the last quarter. Riverhead Capital Management LLC raised its stake in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares during the last quarter. Madden Advisory Services Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at $236,000. Gluskin Sheff & Assoc Inc. raised its stake in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at $246,000. Institutional investors and hedge funds own 98.56% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (PTEN) traded down 2.58% on Friday, reaching $20.75. 3,300,845 shares of the company traded hands. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $29.76. The stock’s market capitalization is $4.39 billion. The company has a 50-day moving average of $18.16 and a 200-day moving average of $20.39.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results 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. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business had revenue of $579.00 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter last year, the business earned ($0.58) earnings per share. The company’s revenue for the quarter was up 198.5% compared to the same quarter last year. Analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were given a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.39%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -4.06%.
PTEN has been the subject of a number of research reports. BidaskClub upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Seaport Global Securities lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and decreased their target price for the company from $29.00 to $21.00 in a research note on Wednesday, June 21st. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Cowen and Company reiterated a “hold” rating and set a $24.00 target price on shares of Patterson-UTI Energy in a research note on Tuesday, July 11th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and set a $20.50 target price (down from $22.00) on shares of Patterson-UTI Energy in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.14.
Patterson-UTI Energy Company 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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