Sei Investments Co. Sells 256,538 Shares of Patterson-UTI Energy, Inc. (PTEN)
Sei Investments Co. trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 79.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,708 shares of the oil and gas company’s stock after selling 256,538 shares during the quarter. Sei Investments Co.’s holdings in Patterson-UTI Energy were worth $1,397,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in PTEN. Riverhead Capital Management LLC boosted its holdings 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 buying an additional 4,653 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new position in shares of Patterson-UTI Energy in the second quarter worth about $236,000. Gluskin Sheff & Assoc Inc. boosted its holdings 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 buying an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new position in shares of Patterson-UTI Energy in the second quarter worth about $246,000. Institutional investors own 97.91% of the company’s stock.
Several research analysts have commented on the stock. Jefferies Group set a $26.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday. SunTrust Banks raised their price target on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday. Deutsche Bank assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $27.00.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at $21.00 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.04. The firm 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 company’s revenue for the quarter was up 232.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.58) earnings per share. sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.
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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