Patterson-UTI Energy, Inc. (PTEN) Holdings Lifted by OppenheimerFunds Inc.
OppenheimerFunds Inc. raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 815,246 shares of the oil and gas company’s stock after purchasing an additional 137,477 shares during the period. OppenheimerFunds Inc.’s holdings in Patterson-UTI Energy were worth $18,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its stake in Patterson-UTI Energy by 621.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 7,274 shares during the period. Ballentine Partners LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $216,000. WealthTrust Axiom LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $217,000. Schroder Investment Management Group bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $219,000. Finally, Falcon Point Capital LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $222,000. Hedge funds and other institutional investors own 99.13% of the company’s stock.
Several research firms have recently weighed in on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Scotiabank upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Finally, Cowen set a $30.00 price target on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Thursday, January 11th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and twenty have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $26.21.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The company had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The business’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same period last year, the company posted ($0.53) EPS. equities analysts predict that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Thursday, March 8th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.43%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
In related news, Director Tiffany J. Thom sold 2,574 shares of the stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.60% of the company’s stock.
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Patterson-UTI Energy 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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