Nuveen Asset Management LLC boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,362,060 shares of the oil and gas company’s stock after purchasing an additional 228,638 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.73% of Patterson-UTI Energy worth $3,201,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new stake in Patterson-UTI Energy during the first quarter valued at about $26,000. Alpine Global Management LLC purchased a new stake in Patterson-UTI Energy during the first quarter valued at about $31,000. Greenleaf Trust purchased a new stake in Patterson-UTI Energy during the first quarter valued at about $32,000. Banque Cantonale Vaudoise purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $37,000. Finally, Connable Office Inc. boosted its position in shares of Patterson-UTI Energy by 54.1% in the first quarter. Connable Office Inc. now owns 16,543 shares of the oil and gas company’s stock worth $39,000 after buying an additional 5,811 shares during the period.
PTEN opened at $3.46 on Wednesday. Patterson-UTI Energy, Inc. has a 12 month low of $1.61 and a 12 month high of $12.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.55. The stock has a market cap of $665.82 million, a P/E ratio of -0.81 and a beta of 2.69. The stock’s 50 day moving average price is $4.14 and its 200 day moving average price is $5.60.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 23rd. The oil and gas company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.01. Patterson-UTI Energy had a negative return on equity of 9.11% and a negative net margin of 37.60%. The firm had revenue of $445.90 million for the quarter, compared to analysts’ expectations of $437.95 million. During the same period last year, the firm earned ($0.14) EPS. The firm’s revenue was down 36.7% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -2.19 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Wednesday, June 3rd. Patterson-UTI Energy’s payout ratio is currently -8.08%.
Several equities research analysts have recently weighed in on the company. BidaskClub downgraded Patterson-UTI Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 12th. Barclays reaffirmed a “hold” rating and issued a $3.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, April 26th. Wolfe Research downgraded Patterson-UTI Energy from a “peer perform” rating to an “underperform” rating in a research report on Thursday, March 19th. Cfra decreased their target price on Patterson-UTI Energy from $6.50 to $2.50 and set a “sell” rating for the company in a research report on Friday, April 24th. Finally, Stephens downgraded Patterson-UTI Energy to a “hold” rating and set a $2.50 price target for the company. in a report on Friday, March 20th. Nine investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $7.44.
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
Read More: Learning About the VIX – Volatility Index
Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN).
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.