Trexquant Investment LP lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 57.1% during the second quarter, Holdings Channel reports. The institutional investor owned 29,503 shares of the oil and gas company’s stock after selling 39,297 shares during the period. Trexquant Investment LP’s holdings in Patterson-UTI Energy were worth $596,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PTEN. Renaissance Technologies LLC increased its stake in Patterson-UTI Energy by 158.6% in the fourth quarter. Renaissance Technologies LLC now owns 34,238 shares of the oil and gas company’s stock valued at $922,000 after buying an additional 21,000 shares in the last quarter. Creative Planning increased its stake in Patterson-UTI Energy by 7,521.7% in the first quarter. Creative Planning now owns 37,575 shares of the oil and gas company’s stock valued at $912,000 after buying an additional 37,082 shares in the last quarter. Capstone Asset Management Co. increased its stake in 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 valued at $327,000 after buying an additional 920 shares in the last quarter. Viking Fund Management LLC increased its stake in Patterson-UTI Energy by 4.8% in the first quarter. Viking Fund Management LLC now owns 440,000 shares of the oil and gas company’s stock valued at $10,679,000 after buying an additional 20,000 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Patterson-UTI Energy by 14.8% in the first quarter. Louisiana State Employees Retirement System now owns 42,000 shares of the oil and gas company’s stock valued at $1,019,000 after buying an additional 5,400 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Shares of Patterson-UTI Energy, Inc. (PTEN) opened at 16.83 on Friday. The firm’s 50-day moving average price is $19.58 and its 200-day moving average price is $22.99. The stock’s market cap is $3.56 billion. Patterson-UTI Energy, Inc. has a 52-week low of $16.80 and a 52-week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.09. The business had revenue of $579 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.58) EPS. Equities analysts predict that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is currently -4.06%.

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Several equities research analysts have issued reports on PTEN shares. Jefferies Group LLC set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, April 24th. Zacks Investment Research upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Thursday, April 27th. Morgan Stanley restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, April 28th. Deutsche Bank AG dropped their target price on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, April 28th. Finally, Capital One Financial Corporation upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday, May 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the company. Patterson-UTI Energy has an average rating of “Hold” and an average price target of $27.38.

Patterson-UTI Energy Company Profile

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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