Financial Counselors Inc. Invests $678,000 in Patterson-UTI Energy, Inc. (PTEN)
Financial Counselors Inc. purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 33,598 shares of the oil and gas company’s stock, valued at approximately $678,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTEN. PNC Financial Services Group Inc. boosted its holdings in Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after acquiring an additional 683 shares in the last quarter. LS Investment Advisors LLC boosted its holdings in Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after acquiring an additional 754 shares in the last quarter. Gluskin Sheff & Assoc Inc. bought a new stake in Patterson-UTI Energy in the first quarter worth $324,000. Timber Hill LLC bought a new stake in Patterson-UTI Energy in the first quarter worth $269,000. Finally, World Asset Management Inc boosted its holdings in Patterson-UTI Energy by 12.4% in the first quarter. World Asset Management Inc now owns 12,029 shares of the oil and gas company’s stock worth $292,000 after acquiring an additional 1,328 shares in the last quarter. Institutional investors own 98.57% of the company’s stock.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at 17.86 on Wednesday. The company’s 50-day moving average price is $17.25 and its 200-day moving average price is $21.21. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76. The stock’s market cap is $3.78 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. The firm had revenue of $579.00 million during the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business’s quarterly revenue was up 198.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.58) EPS. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a $0.02 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.45%. Patterson-UTI Energy’s payout ratio is -4.06%.
Several research firms have commented on PTEN. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Saturday, June 24th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a report on Tuesday, September 5th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $23.00 target price on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $27.25.
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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