Patterson-UTI Energy, Inc. (PTEN) Stake Decreased by Royal Bank of Canada
Royal Bank of Canada decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 66.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 359,920 shares of the oil and gas company’s stock after selling 706,293 shares during the period. Royal Bank of Canada owned 0.17% of Patterson-UTI Energy worth $7,267,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after acquiring an additional 683 shares during the period. Riverhead Capital Management LLC boosted its stake in shares of Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares during the period. Madden Advisory Services Inc. bought a new position in shares of Patterson-UTI Energy in the second quarter worth about $236,000. Gluskin Sheff & Assoc Inc. boosted its stake in shares of Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares during the period. Finally, Pacad Investment Ltd. bought a new position in shares of Patterson-UTI Energy in the second quarter worth about $246,000. 98.67% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on PTEN shares. Piper Jaffray Companies reissued a “neutral” rating and set a $20.50 price target (down from $22.00) on shares of Patterson-UTI Energy in a research note on Wednesday, July 12th. Jefferies Group LLC set a $26.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Royal Bank Of Canada set a $35.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Capital One Financial Corporation lowered Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 27th. Finally, Cowen and Company reissued a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a research note on Sunday, September 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the company. Patterson-UTI Energy presently has an average rating of “Buy” and an average price target of $26.82.
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Shares of Patterson-UTI Energy, Inc. (PTEN) opened at 19.52 on Thursday. The stock’s market capitalization is $4.13 billion. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76. The stock has a 50 day moving average price of $19.30 and a 200 day moving average price of $20.16.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the prior year, the firm posted ($0.58) earnings per share. The firm’s quarterly revenue was up 198.5% on a year-over-year basis. Equities analysts forecast that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
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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