Comerica Bank cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 182,928 shares of the oil and gas company’s stock after selling 980 shares during the quarter. Comerica Bank’s holdings in Patterson-UTI Energy were worth $2,815,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in PTEN. Legal & General Group Plc raised its holdings in Patterson-UTI Energy by 1.0% in the third quarter. Legal & General Group Plc now owns 306,882 shares of the oil and gas company’s stock valued at $5,250,000 after buying an additional 2,949 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $106,000. Virtu Financial LLC raised its holdings in Patterson-UTI Energy by 201.3% in the fourth quarter. Virtu Financial LLC now owns 51,790 shares of the oil and gas company’s stock valued at $536,000 after buying an additional 34,599 shares during the period. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $69,000. Finally, Nisa Investment Advisors LLC raised its holdings in Patterson-UTI Energy by 132.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 171,253 shares of the oil and gas company’s stock valued at $1,772,000 after buying an additional 97,669 shares during the period. 95.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:PTEN opened at $12.43 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.82 and a quick ratio of 1.69. Patterson-UTI Energy, Inc. has a 52-week low of $9.49 and a 52-week high of $23.33. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -36.56 and a beta of 1.30.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The company had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. During the same quarter last year, the company earned ($0.16) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.68 EPS for the current fiscal year.
Patterson-UTI Energy announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 7th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the oil and gas company to reacquire up to 9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.29%. The ex-dividend date is Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.
Several research firms recently commented on PTEN. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, April 1st. TheStreet lowered shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a report on Friday, March 15th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, February 15th. Finally, Raymond James set a $21.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $19.71.
About Patterson-UTI Energy
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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