Patterson-UTI Energy, Inc. (PTEN) Shares Sold by Bank of Montreal Can
Bank of Montreal Can decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 223,322 shares of the oil and gas company’s stock after selling 35,587 shares during the quarter. Bank of Montreal Can owned 0.10% of Patterson-UTI Energy worth $4,020,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. Point72 Asset Management L.P. increased its stake in shares of Patterson-UTI Energy by 147.2% in the first quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock valued at $112,248,000 after buying an additional 3,817,741 shares during the period. Ceredex Value Advisors LLC acquired a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $35,661,000. Massachusetts Financial Services Co. MA increased its stake in shares of Patterson-UTI Energy by 195.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,461,770 shares of the oil and gas company’s stock valued at $43,106,000 after buying an additional 1,629,282 shares during the period. Precocity Capital LP increased its stake in shares of Patterson-UTI Energy by 945.5% in the first quarter. Precocity Capital LP now owns 1,150,000 shares of the oil and gas company’s stock valued at $20,137,000 after buying an additional 1,040,000 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Patterson-UTI Energy by 8.4% in the first quarter. Wells Fargo & Company MN now owns 9,852,059 shares of the oil and gas company’s stock valued at $172,509,000 after buying an additional 763,411 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on PTEN. BidaskClub raised Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 18th. ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. Citigroup upped their price objective on Patterson-UTI Energy from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, April 30th. Societe Generale downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price objective for the company. in a research note on Thursday, April 19th. Finally, Cowen raised Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $23.00 to $26.00 in a research note on Friday, April 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $24.44.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The company had revenue of $854.42 million during the quarter, compared to the consensus estimate of $866.96 million. During the same quarter in the previous year, the company earned ($0.46) earnings per share. The business’s revenue was up 47.5% on a year-over-year basis. sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, September 5th. Patterson-UTI Energy’s payout ratio is presently -20.00%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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