Patterson-UTI Energy, Inc. (PTEN) Position Raised by Millennium Management LLC

Share on StockTwits

Millennium Management LLC boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,322,677 shares of the oil and gas company’s stock after buying an additional 263,550 shares during the quarter. Millennium Management LLC owned 1.95% of Patterson-UTI Energy worth $75,690,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Point72 Asia Hong Kong Ltd increased its holdings in shares of Patterson-UTI Energy by 2,863.0% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 6,815 shares of the oil and gas company’s stock worth $119,000 after purchasing an additional 6,585 shares during the period. Tower Research Capital LLC TRC increased its stake in Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after acquiring an additional 7,274 shares during the period. Schroder Investment Management Group bought a new stake in Patterson-UTI Energy in the fourth quarter valued at about $219,000. Koch Industries Inc. bought a new stake in Patterson-UTI Energy in the fourth quarter valued at about $251,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the first quarter valued at about $236,000. Hedge funds and other institutional investors own 97.22% of the company’s stock.

PTEN opened at $17.91 on Wednesday. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -22.39 and a beta of 1.19. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $25.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 1.73.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The firm had revenue of $809.16 million during the quarter, compared to analyst estimates of $793.39 million. During the same quarter last year, the firm posted ($0.40) EPS. The firm’s revenue for the quarter was up 165.1% on a year-over-year basis. equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 21st. Stockholders of record on Thursday, June 7th were paid a $0.04 dividend. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. The ex-dividend date was Wednesday, June 6th. This represents a $0.16 annualized dividend and a dividend yield of 0.89%. Patterson-UTI Energy’s dividend payout ratio is presently -20.00%.

Several brokerages have weighed in on PTEN. BidaskClub cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, June 19th. Wolfe Research upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, April 12th. Cowen upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $23.00 to $26.00 in a report on Friday, April 13th. ValuEngine upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “sell” rating in a report on Friday, April 13th. Finally, Societe Generale lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a report on Thursday, April 19th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $25.38.

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 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.

Institutional Ownership by Quarter for Patterson-UTI Energy (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.

Leave a Reply