Pioneer Investment Management Inc. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.7% during the second quarter, Holdings Channel reports. The fund owned 1,367,364 shares of the oil and gas company’s stock after buying an additional 85,539 shares during the period. Pioneer Investment Management Inc.’s holdings in Patterson-UTI Energy were worth $27,607,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PTEN. Tortoise Capital Advisors L.L.C. boosted its position in Patterson-UTI Energy by 119.2% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 76,733 shares of the oil and gas company’s stock worth $1,549,000 after buying an additional 41,720 shares during the last quarter. Sei Investments Co. boosted its position in Patterson-UTI Energy by 516.6% in the second quarter. Sei Investments Co. now owns 323,246 shares of the oil and gas company’s stock worth $6,526,000 after buying an additional 270,823 shares during the last quarter. World Asset Management Inc boosted its position in Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock worth $249,000 after buying an additional 295 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its position in Patterson-UTI Energy by 4.1% in the second quarter. Public Employees Retirement Association of Colorado now owns 35,439 shares of the oil and gas company’s stock worth $716,000 after buying an additional 1,386 shares during the last quarter. Finally, Strs Ohio bought a new position in Patterson-UTI Energy during the second quarter worth approximately $30,285,000. 85.78% of the stock is currently owned by institutional investors.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 17.29 on Thursday. The stock’s market capitalization is $2.85 billion. Patterson-UTI Energy, Inc. has a 52 week low of $17.25 and a 52 week high of $29.76. The firm has a 50-day moving average of $19.73 and a 200 day moving average of $23.11.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company had revenue of $579 million for the quarter, compared to analyst estimates of $556.47 million. During the same period in the prior year, the company posted ($0.58) EPS. Patterson-UTI Energy’s quarterly revenue was up 198.5% on a year-over-year basis. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is -4.06%.

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A number of research analysts have commented on the stock. BidaskClub cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday. UBS AG reissued a “buy” rating and set a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Jefferies Group LLC set a $26.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Saturday, July 29th. Capital One Financial Corporation cut shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a research report on Thursday, July 27th. Finally, Piper Jaffray Companies set a $22.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $27.38.

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

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