Mesirow Financial Investment Management Equity Management reduced its holdings in Patterson-UTI (NASDAQ:PTEN) by 29.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 760,398 shares of the oil and gas company’s stock after selling 312,365 shares during the quarter. Mesirow Financial Investment Management Equity Management owned about 0.34% of Patterson-UTI worth $13,312,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Millennium Management LLC grew its position in shares of Patterson-UTI by 601.6% in the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after purchasing an additional 3,480,569 shares during the last quarter. Castleark Management LLC grew its position in shares of Patterson-UTI by 40.2% in the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock valued at $13,502,000 after purchasing an additional 168,165 shares during the last quarter. New Mexico Educational Retirement Board acquired a new stake in shares of Patterson-UTI in the fourth quarter valued at about $1,215,000. Allianz Asset Management GmbH acquired a new stake in shares of Patterson-UTI in the fourth quarter valued at about $11,319,000. Finally, Retirement Systems of Alabama grew its position in shares of Patterson-UTI by 13.4% in the fourth quarter. Retirement Systems of Alabama now owns 765,948 shares of the oil and gas company’s stock valued at $17,624,000 after purchasing an additional 90,749 shares during the last quarter. 99.58% of the stock is currently owned by institutional investors.
Several equities research analysts have recently issued reports on the company. Citigroup raised their price target on Patterson-UTI from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, April 30th. ValuEngine raised Patterson-UTI from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. BMO Capital Markets set a $24.00 price target on Patterson-UTI and gave the company a “hold” rating in a research report on Friday, February 9th. Deutsche Bank decreased their target price on Patterson-UTI from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Finally, BidaskClub raised Patterson-UTI from a “hold” rating to a “buy” rating in a research report on Saturday, April 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eighteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $25.94.
Patterson-UTI (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.07). The business had revenue of $809.16 million for the quarter, compared to the consensus estimate of $793.39 million. Patterson-UTI had a negative return on equity of 3.54% and a net margin of 1.22%. The firm’s revenue for the quarter was up 165.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.40) EPS. sell-side analysts predict that Patterson-UTI will post -0.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th will be paid a dividend of $0.04 per share. This is a boost from Patterson-UTI’s previous quarterly dividend of $0.02. The ex-dividend date is Wednesday, June 6th. This represents a $0.16 dividend on an annualized basis and a yield of 0.69%. Patterson-UTI’s dividend payout ratio (DPR) is currently -10.00%.
In other Patterson-UTI news, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.70% of the stock is owned by company insiders.
Patterson-UTI 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.
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