Price T Rowe Associates Inc. MD lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 16.0% in the second quarter, Holdings Channel reports. The institutional investor owned 122,567 shares of the oil and gas company’s stock after acquiring an additional 16,936 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Patterson-UTI Energy were worth $1,411,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quantamental Technologies LLC lifted its holdings in shares of Patterson-UTI Energy by 173.2% during the second quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock worth $70,000 after buying an additional 3,830 shares in the last quarter. Machina Capital S.A.S. lifted its holdings in shares of Patterson-UTI Energy by 1,559.1% during the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after buying an additional 6,174 shares in the last quarter. KBC Group NV acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $78,000. M&T Bank Corp acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $122,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $143,000. 97.98% of the stock is owned by institutional investors.
PTEN stock opened at $8.26 on Friday. The company has a market cap of $1.59 billion, a PE ratio of -24.28 and a beta of 1.52. The business has a 50-day simple moving average of $8.79 and a 200 day simple moving average of $11.23. Patterson-UTI Energy, Inc. has a 52 week low of $7.68 and a 52 week high of $17.42. The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.94%. The ex-dividend date was Wednesday, September 4th. Patterson-UTI Energy’s payout ratio is -47.06%.
A number of research firms have recently weighed in on PTEN. Credit Suisse Group dropped their target price on Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Piper Jaffray Companies dropped their target price on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. ValuEngine raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Co downgraded Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a research note on Thursday, September 12th. Finally, AltaCorp Capital reaffirmed an “outperform” rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $12.80.
In other Patterson-UTI Energy news, Director Curtis W. Huff bought 25,000 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $8.08 per share, with a total value of $202,000.00. Following the completion of the purchase, the director now owns 162,817 shares in the company, valued at $1,315,561.36. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Janeen S. Judah sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $9.05, for a total value of $45,250.00. Following the transaction, the director now directly owns 27,023 shares of the company’s stock, valued at approximately $244,558.15. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by insiders.
Patterson-UTI Energy Company 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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