World Asset Management Inc lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,769 shares of the oil and gas company’s stock after buying an additional 2,783 shares during the quarter. World Asset Management Inc’s holdings in Patterson-UTI Energy were worth $72,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Fruth Investment Management purchased a new position in Patterson-UTI Energy during the 2nd quarter worth $36,000. Private Advisor Group LLC purchased a new position in Patterson-UTI Energy during the 1st quarter worth $26,000. Alpine Global Management LLC purchased a new position in Patterson-UTI Energy during the 1st quarter worth $31,000. Greenleaf Trust purchased a new position in Patterson-UTI Energy during the 1st quarter worth $32,000. Finally, Connable Office Inc. increased its holdings in Patterson-UTI Energy by 54.1% during the 1st quarter. Connable Office Inc. now owns 16,543 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 5,811 shares during the period.
Patterson-UTI Energy stock opened at $3.88 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.90 and a quick ratio of 1.55. The stock has a market capitalization of $740.25 million, a price-to-earnings ratio of -0.80 and a beta of 2.69. Patterson-UTI Energy, Inc. has a 1-year low of $1.61 and a 1-year high of $12.05. The business has a fifty day moving average price of $3.80 and a 200-day moving average price of $4.55.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 23rd. The oil and gas company reported ($0.56) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.58) by $0.02. Patterson-UTI Energy had a negative return on equity of 12.67% and a negative net margin of 52.19%. The firm had revenue of $250.30 million during the quarter, compared to analysts’ expectations of $239.35 million. During the same quarter last year, the firm earned ($0.17) EPS. The business’s quarterly revenue was down 63.0% on a year-over-year basis. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -2.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $0.08 dividend on an annualized basis and a yield of 2.06%. Patterson-UTI Energy’s dividend payout ratio is currently -8.08%.
Several research firms have commented on PTEN. Citigroup raised their price objective on Patterson-UTI Energy from $1.90 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, May 28th. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Friday, May 22nd. Scotiabank cut Patterson-UTI Energy from a “sector perform” rating to a “sector underperform” rating and set a $2.00 target price on the stock. in a research report on Thursday, July 16th. Finally, Barclays reaffirmed a “hold” rating and set a $4.00 target price on shares of Patterson-UTI Energy in a research report on Sunday, July 26th. Ten analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $5.82.
Patterson-UTI Energy 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 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.
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