Intrepid Capital Management Inc. Decreases Holdings in Patterson-UTI Energy, Inc. (PTEN)
Intrepid Capital Management Inc. reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 29.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 608,980 shares of the oil and gas company’s stock after selling 258,900 shares during the period. Patterson-UTI Energy accounts for about 5.2% of Intrepid Capital Management Inc.’s investment portfolio, making the stock its 10th largest position. Intrepid Capital Management Inc. owned about 0.27% of Patterson-UTI Energy worth $12,752,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. acquired a new stake in shares of Patterson-UTI Energy in the third quarter worth approximately $67,664,000. Boothbay Fund Management LLC boosted its position in shares of Patterson-UTI Energy by 112.8% in the third quarter. Boothbay Fund Management LLC now owns 26,687 shares of the oil and gas company’s stock worth $559,000 after acquiring an additional 14,149 shares during the last quarter. Royce & Associates LP boosted its position in shares of Patterson-UTI Energy by 13.4% in the third quarter. Royce & Associates LP now owns 519,000 shares of the oil and gas company’s stock worth $10,868,000 after acquiring an additional 61,500 shares during the last quarter. Cramer Rosenthal Mcglynn LLC boosted its position in shares of Patterson-UTI Energy by 16.8% in the third quarter. Cramer Rosenthal Mcglynn LLC now owns 732,480 shares of the oil and gas company’s stock worth $15,338,000 after acquiring an additional 105,170 shares during the last quarter. Finally, Precocity Capital LP boosted its position in shares of Patterson-UTI Energy by 144.0% in the third quarter. Precocity Capital LP now owns 610,000 shares of the oil and gas company’s stock worth $12,773,000 after acquiring an additional 360,000 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.
PTEN has been the topic of several research analyst reports. Societe Generale initiated coverage on shares of Patterson-UTI Energy in a research report on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price on the stock. Citigroup raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $21.00 to $19.00 in a research report on Wednesday, August 30th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. Zacks Investment Research raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Wednesday, October 11th. Finally, Deutsche Bank initiated coverage on shares of Patterson-UTI Energy in a research report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Buy” and a consensus target price of $27.00.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business’s quarterly revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.58) earnings per share. equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.37%. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.
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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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