IBM Retirement Fund Acquires 16 Shares of Patterson-UTI Energy Inc. (PTEN)
IBM Retirement Fund increased its stake in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 0.1% during the second quarter, Holdings Channel reports. The firm owned 14,579 shares of the company’s stock after buying an additional 16 shares during the period. IBM Retirement Fund’s holdings in Patterson-UTI Energy were worth $311,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of PTEN. Wellington Management Group LLP raised its stake in shares of Patterson-UTI Energy by 13.1% in the first quarter. Wellington Management Group LLP now owns 17,460,529 shares of the company’s stock valued at $307,655,000 after buying an additional 2,016,269 shares during the period. Investec Asset Management LTD raised its stake in shares of Patterson-UTI Energy by 108.7% in the first quarter. Investec Asset Management LTD now owns 1,713,477 shares of the company’s stock valued at $30,191,000 after buying an additional 892,455 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Patterson-UTI Energy by 17.1% in the first quarter. JPMorgan Chase & Co. now owns 4,626,958 shares of the company’s stock valued at $81,527,000 after buying an additional 675,106 shares during the period. Renaissance Technologies LLC raised its stake in shares of Patterson-UTI Energy by 300.0% in the first quarter. Renaissance Technologies LLC now owns 842,938 shares of the company’s stock valued at $14,853,000 after buying an additional 632,200 shares during the period. Finally, Hancock Holding Co. bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at about $8,338,000.
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded up 2.76% on Friday, reaching $22.37. The company had a trading volume of 5,983,778 shares. The stock has a 50 day moving average price of $19.95 and a 200-day moving average price of $19.28. The company’s market capitalization is $3.27 billion. Patterson-UTI Energy Inc. has a 12 month low of $10.94 and a 12 month high of $22.66.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.05. Patterson-UTI Energy had a negative return on equity of 10.09% and a negative net margin of 36.04%. The firm earned $193.90 million during the quarter, compared to analyst estimates of $193.19 million. During the same quarter last year, the firm earned ($0.13) EPS. Patterson-UTI Energy’s quarterly revenue was down 59.0% on a year-over-year basis. Analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.36%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -2.67%.
PTEN has been the topic of several research analyst reports. Bank of America Corp. upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a report on Tuesday, August 16th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, July 5th. DA Davidson restated a “buy” rating and issued a $26.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, September 15th. Macquarie lowered shares of Patterson-UTI Energy from a “neutral” rating to an “underperform” rating and set a $14.00 price objective on the stock. in a report on Tuesday, August 9th. Finally, Cowen and Company lifted their target price on Patterson-UTI Energy from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $19.64.
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.
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