TVR Capital Management LP grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1,471.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,194,582 shares of the oil and gas company’s stock after purchasing an additional 1,118,582 shares during the quarter. Patterson-UTI Energy makes up approximately 6.5% of TVR Capital Management LP’s investment portfolio, making the stock its 3rd largest position. TVR Capital Management LP owned approximately 0.56% of Patterson-UTI Energy worth $24,118,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in shares of Patterson-UTI Energy by 86.2% during the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. lifted its stake 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 acquiring an additional 1,089 shares during the period. Madden Advisory Services Inc. purchased a new stake in Patterson-UTI Energy in the second quarter worth about $236,000. Gluskin Sheff & Assoc Inc. lifted its stake 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 acquiring an additional 780 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in Patterson-UTI Energy in the second quarter worth about $246,000. 98.56% of the stock is owned by hedge funds and other institutional investors.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 2.58% during midday trading on Friday, reaching $20.75. The company’s stock had a trading volume of 3,300,845 shares. The stock’s market cap is $4.39 billion. Patterson-UTI Energy, Inc. has a 12-month low of $14.83 and a 12-month high of $29.76. The stock’s 50 day moving average is $18.16 and its 200 day moving average is $20.39.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm had revenue of $579.00 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter in the prior year, the company posted ($0.58) earnings per share. Patterson-UTI Energy’s quarterly revenue was up 198.5% on a year-over-year basis. Analysts anticipate that Patterson-UTI Energy, Inc. will post ($0.91) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is presently -4.06%.
A number of research firms recently weighed in on PTEN. BidaskClub lowered shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Royal Bank Of Canada set a $35.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday, June 24th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $25.00 price objective (down from $33.00) on shares of Patterson-UTI Energy in a research note on Tuesday, October 3rd. Citigroup Inc. set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday. Finally, Jefferies Group LLC set a $26.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the stock. Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $27.14.
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About Patterson-UTI Energy
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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