Bank of Montreal Can reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 144,893 shares of the oil and gas company’s stock after selling 1,749 shares during the quarter. Bank of Montreal Can’s holdings in Patterson-UTI Energy were worth $1,500,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $69,000. Steward Partners Investment Advisory LLC bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $106,000. First Mercantile Trust Co. bought a new position in shares of Patterson-UTI Energy during the third quarter valued at about $158,000. Connable Office Inc. bought a new stake in shares of Patterson-UTI Energy in the third quarter worth about $173,000. Finally, Signition LP bought a new stake in shares of Patterson-UTI Energy in the third quarter worth about $177,000. 95.91% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ PTEN opened at $13.58 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.54 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $2.76 billion, a P/E ratio of -39.94 and a beta of 1.35. Patterson-UTI Energy, Inc. has a 1 year low of $9.49 and a 1 year high of $23.99.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 7th. The oil and gas company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. The business had revenue of $795.90 million for the quarter, compared to analysts’ expectations of $797.10 million. Patterson-UTI Energy had a negative return on equity of 1.93% and a negative net margin of 9.66%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) EPS. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.59 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 21st. Shareholders of record on Thursday, March 7th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, March 6th. This represents a $0.16 annualized dividend and a yield of 1.18%. Patterson-UTI Energy’s payout ratio is -47.06%.
Patterson-UTI Energy announced that its board has authorized a stock buyback plan on Thursday, February 7th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several research firms recently issued reports on PTEN. Zacks Investment Research cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Raymond James set a $20.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 8th. Piper Jaffray Companies set a $23.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 26th. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 1st. Finally, UBS Group set a $23.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $21.07.
In other news, Director Curtis W. Huff acquired 20,000 shares of the business’s stock in a transaction on Wednesday, December 26th. The shares were acquired at an average cost of $10.14 per share, with a total value of $202,800.00. Following the transaction, the director now owns 113,304 shares in the company, valued at approximately $1,148,902.56. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.70% of the company’s stock.
Patterson-UTI Energy Company 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.
Recommended Story: Conference Calls
Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN).
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.