Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.0% during the first quarter, HoldingsChannel.com reports. The fund owned 12,169 shares of the oil and gas company’s stock after selling 1,658 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Patterson-UTI Energy were worth $171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also added to or reduced their stakes in PTEN. Legal & General Group Plc lifted its stake in Patterson-UTI Energy by 1.0% in the 3rd quarter. Legal & General Group Plc now owns 306,882 shares of the oil and gas company’s stock worth $5,250,000 after purchasing an additional 2,949 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $106,000. Virtu Financial LLC lifted its stake in Patterson-UTI Energy by 201.3% in the 4th quarter. Virtu Financial LLC now owns 51,790 shares of the oil and gas company’s stock worth $536,000 after purchasing an additional 34,599 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $69,000. Finally, Nisa Investment Advisors LLC lifted its stake in Patterson-UTI Energy by 132.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 171,253 shares of the oil and gas company’s stock worth $1,772,000 after purchasing an additional 97,669 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.
Several analysts have commented on the stock. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. TheStreet cut shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Finally, Raymond James set a $21.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, April 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of “Hold” and a consensus target price of $19.71.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.07. The firm had revenue of $704.17 million for the quarter, compared to the consensus estimate of $694.10 million. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.16) EPS. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.68 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be given a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $0.16 annualized dividend and a yield of 1.29%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.
Patterson-UTI Energy announced that its board has initiated a stock repurchase plan on Thursday, February 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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