Sequoia Financial Advisors LLC cut its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 9.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,669 shares of the oil and gas company’s stock after selling 1,814 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Patterson-UTI Energy were worth $183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently bought and sold shares of PTEN. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after buying an additional 1,554,020 shares during the period. Van ECK Associates Corp boosted its position in shares of Patterson-UTI Energy by 6.5% during the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock valued at $91,860,000 after acquiring an additional 519,259 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Patterson-UTI Energy by 10.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company’s stock worth $87,208,000 after purchasing an additional 703,536 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Patterson-UTI Energy by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after purchasing an additional 177,428 shares during the last quarter. Finally, Norges Bank purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $44,911,000. 97.91% of the stock is owned by institutional investors.
Patterson-UTI Energy Stock Up 1.1 %
Shares of NASDAQ PTEN opened at $9.13 on Friday. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 13.43 and a beta of 2.18. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average is $9.95 and its 200 day moving average is $10.83. Patterson-UTI Energy, Inc. has a 52 week low of $8.64 and a 52 week high of $16.17.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.33 earnings per share for the current year.
Patterson-UTI Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.50%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.
Analyst Ratings Changes
A number of equities analysts have commented on PTEN shares. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Bank of America dropped their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Evercore ISI reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Susquehanna decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.59.
Get Our Latest Stock Analysis on PTEN
Insider Activity
In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.
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