Boothbay Fund Management LLC increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 112.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,687 shares of the oil and gas company’s stock after purchasing an additional 14,149 shares during the quarter. Boothbay Fund Management LLC’s holdings in Patterson-UTI Energy were worth $559,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of PTEN. Riverhead Capital Management LLC lifted its position in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. lifted its position in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares during the period. Madden Advisory Services Inc. bought a new position in Patterson-UTI Energy in the second quarter worth $236,000. Gluskin Sheff & Assoc Inc. lifted its position in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 780 shares during the period. Finally, Pacad Investment Ltd. bought a new position in Patterson-UTI Energy in the second quarter worth $246,000. 97.91% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. SunTrust Banks lifted their price objective on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a report on Wednesday. Cowen set a $24.00 price objective on Patterson-UTI Energy and gave the company a “hold” rating in a report on Wednesday, October 18th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company. Patterson-UTI Energy currently has an average rating of “Buy” and a consensus price target of $27.00.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. During the same period last year, the company posted ($0.58) earnings per share. The firm’s quarterly revenue was up 232.3% compared to the same quarter last year. research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.8 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.37%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -5.16%.
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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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