Patterson-UTI Energy, Inc. (PTEN) Shares Sold by Fmr LLC
Fmr LLC trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 37.6% during the second quarter, HoldingsChannel.com reports. The fund owned 221,336 shares of the oil and gas company’s stock after selling 133,245 shares during the period. Fmr LLC’s holdings in Patterson-UTI Energy were worth $3,984,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $4,943,000. PNC Financial Services Group Inc. grew its holdings in Patterson-UTI Energy by 88.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 55,395 shares of the oil and gas company’s stock worth $998,000 after acquiring an additional 26,032 shares in the last quarter. Sawtooth Solutions LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $304,000. Edgestream Partners L.P. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $210,000. Finally, Tygh Capital Management Inc. grew its holdings in Patterson-UTI Energy by 64.3% during the 2nd quarter. Tygh Capital Management Inc. now owns 282,299 shares of the oil and gas company’s stock worth $5,081,000 after acquiring an additional 110,507 shares in the last quarter. 96.25% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on PTEN shares. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, August 17th. BidaskClub upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Thursday, September 13th. Wolfe Research assumed coverage on shares of Patterson-UTI Energy in a report on Wednesday. They issued a “peer perform” rating for the company. BMO Capital Markets set a $23.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Wednesday, July 11th. Finally, ValuEngine cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $23.88.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing the 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 business had revenue of $854.42 million during the quarter, compared to analysts’ expectations of $866.96 million. During the same quarter last year, the company earned ($0.46) EPS. The firm’s revenue for the quarter was up 47.5% compared to the same quarter last year. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Thursday, September 6th were given a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, September 5th. This represents a $0.16 annualized dividend and a yield of 0.97%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -20.00%.
About Patterson-UTI Energy
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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