Commonwealth Bank of Australia Lowers Holdings in Patterson-UTI Energy, Inc. (PTEN)
Commonwealth Bank of Australia trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 39.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 202,951 shares of the oil and gas company’s stock after selling 134,949 shares during the period. Commonwealth Bank of Australia’s holdings in Patterson-UTI Energy were worth $3,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in PTEN. BlueMountain Capital Management LLC purchased a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $48,281,000. Massachusetts Financial Services Co. MA lifted its position in shares of Patterson-UTI Energy by 51.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock worth $67,699,000 after purchasing an additional 1,350,950 shares during the period. Capital Fund Management S.A. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $11,272,000. Fuller & Thaler Asset Management Inc. lifted its position in shares of Patterson-UTI Energy by 13.2% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 5,032,655 shares of the oil and gas company’s stock worth $90,588,000 after purchasing an additional 587,878 shares during the period. Finally, Mackay Shields LLC purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $8,888,000. 98.26% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on the stock. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Piper Jaffray Companies set a $22.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, October 5th. BidaskClub upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 22nd. Sanford C. Bernstein assumed coverage on shares of Patterson-UTI Energy in a report on Thursday, October 4th. They issued an “outperform” rating and a $21.00 price objective on the stock. Finally, Citigroup dropped their price objective on shares of Patterson-UTI Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Friday, September 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Patterson-UTI Energy currently has an average rating of “Buy” and an average price target of $23.88.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.02. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. The firm had revenue of $867.48 million for the quarter, compared to the consensus estimate of $839.65 million. On average, research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.04%. The ex-dividend date is Wednesday, December 5th. Patterson-UTI Energy’s payout ratio is -20.00%.
Patterson-UTI Energy Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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