Ironwood Investment Management LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.1% during the first quarter, Holdings Channel reports. The institutional investor owned 14,730 shares of the oil and gas company’s stock after selling 1,124 shares during the period. Ironwood Investment Management LLC’s holdings in Patterson-UTI Energy were worth $357,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Nikko Asset Management Americas Inc. increased its position in Patterson-UTI Energy by 0.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 13,500 shares of the oil and gas company’s stock valued at $328,000 after buying an additional 100 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after buying an additional 683 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after buying an additional 754 shares in the last quarter. Capstone Asset Management Co. increased its position in shares of Patterson-UTI Energy by 7.3% in the first quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock worth $327,000 after buying an additional 920 shares in the last quarter. Finally, United Services Automobile Association increased its position in shares of Patterson-UTI Energy by 0.5% in the first quarter. United Services Automobile Association now owns 201,090 shares of the oil and gas company’s stock worth $4,880,000 after buying an additional 1,090 shares in the last quarter. 85.20% of the stock is owned by institutional investors.
Shares of Patterson-UTI Energy, Inc. (PTEN) traded up 0.71% during midday trading on Monday, reaching $19.79. The company’s stock had a trading volume of 365,027 shares. Patterson-UTI Energy, Inc. has a 1-year low of $17.61 and a 1-year high of $29.76. The company’s 50-day moving average price is $21.21 and its 200 day moving average price is $25.05. The firm’s market capitalization is $3.26 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.02. The business had revenue of $305.20 million for the quarter, compared to the consensus estimate of $294.82 million. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The business’s revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.48) EPS. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post ($1.05) earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 22nd. Investors of record on Thursday, June 8th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -3.83%.
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A number of equities analysts have recently commented on the company. Tudor Pickering assumed coverage on Patterson-UTI Energy in a research report on Thursday, March 23rd. They set a “hold” rating for the company. Deutsche Bank AG lowered their price objective on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, April 28th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Jefferies Group LLC set a $35.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, March 20th. Finally, BMO Capital Markets reissued a “hold” rating and set a $28.00 price objective on shares of Patterson-UTI Energy in a research report on Thursday, April 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seventeen have assigned a buy rating to the stock. Patterson-UTI Energy has an average rating of “Hold” and an average target price of $27.80.
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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