Precocity Capital LP Purchases Shares of 300,000 Patterson-UTI Energy, Inc. (PTEN)

Precocity Capital LP acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 300,000 shares of the company’s stock, valued at approximately $8,076,000. Patterson-UTI Energy comprises approximately 2.4% of Precocity Capital LP’s holdings, making the stock its 21st largest position.

Other institutional investors have also recently made changes to their positions in the company. State Treasurer State of Michigan boosted its stake in shares of Patterson-UTI Energy by 0.7% in the third quarter. State Treasurer State of Michigan now owns 59,500 shares of the company’s stock worth $1,331,000 after buying an additional 400 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Patterson-UTI Energy by 2.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 19,200 shares of the company’s stock worth $430,000 after buying an additional 500 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Patterson-UTI Energy by 6.5% in the third quarter. PNC Financial Services Group Inc. now owns 9,296 shares of the company’s stock worth $208,000 after buying an additional 564 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Patterson-UTI Energy by 3.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,593 shares of the company’s stock worth $349,000 after buying an additional 580 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 7.1% in the third quarter. LS Investment Advisors LLC now owns 9,450 shares of the company’s stock worth $211,000 after buying an additional 628 shares during the last quarter. Institutional investors own 98.84% of the company’s stock.

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 2.97% during trading on Tuesday, reaching $29.47. 6,628,994 shares of the company’s stock were exchanged. The company’s market capitalization is $4.32 billion. The stock’s 50-day moving average price is $27.79 and its 200-day moving average price is $23.78. Patterson-UTI Energy, Inc. has a 52-week low of $12.80 and a 52-week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 9th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.54) by $0.01. The business earned $247 million during the quarter, compared to the consensus estimate of $228.83 million. Patterson-UTI Energy had a negative return on equity of 13.25% and a negative net margin of 34.79%. Patterson-UTI Energy’s quarterly revenue was down 27.1% on a year-over-year basis. During the same period last year, the company earned ($0.40) earnings per share. Equities analysts expect that Patterson-UTI Energy, Inc. will post ($1.49) earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Wednesday, March 8th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Monday, March 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.27%. Patterson-UTI Energy’s payout ratio is presently -3.69%.

“Precocity Capital LP Purchases Shares of 300,000 Patterson-UTI Energy, Inc. (PTEN)” was originally published by sleekmoney and is the property of of sleekmoney. If you are accessing this report on another site, it was illegally stolen and reposted in violation of United States & international copyright laws. The original version of this report can be accessed at http://sleekmoney.com/precocity-capital-lp-purchases-shares-of-300000-patterson-uti-energy-inc-pten/1660832.html.

PTEN has been the topic of a number of research reports. Scotiabank reissued a “sector perform” rating and issued a $27.00 price objective (up from $22.00) on shares of Patterson-UTI Energy in a research note on Friday, October 28th. Bank of America Corporation raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 30th. Jefferies Group LLC reaffirmed a “buy” rating and set a $29.00 price target on shares of Patterson-UTI Energy in a research note on Wednesday, October 19th. Guggenheim cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 6th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and raised their price target for the stock from $25.00 to $30.00 in a research note on Friday, December 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $25.93.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.

5 Day Chart for NASDAQ:PTEN

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).

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