First Trust Advisors LP grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 800,806 shares of the oil and gas company’s stock after acquiring an additional 4,378 shares during the period. First Trust Advisors LP owned about 0.38% of Patterson-UTI Energy worth $11,227,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Patterson-UTI Energy by 1.6% during the 4th quarter. BlackRock Inc. now owns 20,781,163 shares of the oil and gas company’s stock worth $215,084,000 after buying an additional 320,994 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Patterson-UTI Energy by 14.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock valued at $99,202,000 after purchasing an additional 1,191,714 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Patterson-UTI Energy by 1.0% during the 4th quarter. Van ECK Associates Corp now owns 8,973,708 shares of the oil and gas company’s stock valued at $92,878,000 after purchasing an additional 89,403 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Patterson-UTI Energy by 37.1% during the 4th quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock valued at $66,069,000 after purchasing an additional 1,726,924 shares during the last quarter. Finally, Prudential PLC grew its holdings in shares of Patterson-UTI Energy by 6.9% during the 4th quarter. Prudential PLC now owns 5,412,104 shares of the oil and gas company’s stock valued at $56,015,000 after purchasing an additional 347,200 shares during the last quarter. 97.91% of the stock is owned by institutional investors.
A number of research firms have weighed in on PTEN. Citigroup reduced their target price on shares of Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Goldman Sachs Group initiated coverage on shares of Patterson-UTI Energy in a research report on Sunday, March 10th. They issued a “neutral” rating and a $16.00 price target on the stock. Bank of America set a $20.00 target price on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research report on Tuesday, March 5th. BidaskClub downgraded shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 22nd. Finally, TheStreet downgraded shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $18.34.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. The firm had revenue of $704.17 million during the quarter, compared to analyst estimates of $694.10 million. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The business’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) EPS. On average, research analysts predict that Patterson-UTI Energy, Inc. will post -0.72 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.16 annualized dividend and a yield of 1.39%. Patterson-UTI Energy’s payout ratio is currently -47.06%.
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.
Recommended Story: Return On Assets
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.