New York State Common Retirement Fund cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.1% in the third quarter, Holdings Channel reports. The fund owned 134,647 shares of the oil and gas company’s stock after selling 18,483 shares during the period. New York State Common Retirement Fund’s holdings in Patterson-UTI Energy were worth $1,212,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. InTrack Investment Management Inc bought a new position in shares of Patterson-UTI Energy during the third quarter valued at $99,000. HighMark Wealth Management LLC bought a new position in shares of Patterson-UTI Energy during the third quarter valued at $43,000. SG Americas Securities LLC lifted its holdings in shares of Patterson-UTI Energy by 152.1% during the third quarter. SG Americas Securities LLC now owns 32,004 shares of the oil and gas company’s stock valued at $288,000 after acquiring an additional 19,308 shares during the period. Kahn Brothers Group Inc. DE lifted its holdings in shares of Patterson-UTI Energy by 2.2% during the third quarter. Kahn Brothers Group Inc. DE now owns 5,958,364 shares of the oil and gas company’s stock valued at $53,625,000 after acquiring an additional 126,849 shares during the period. Finally, Maryland State Retirement & Pension System bought a new position in shares of Patterson-UTI Energy during the third quarter valued at $671,000. 80.37% of the stock is owned by institutional investors.
A number of brokerages have issued reports on PTEN. Morgan Stanley raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $10.00 to $12.00 in a report on Monday, December 6th. Royal Bank of Canada lifted their price target on Patterson-UTI Energy from $11.00 to $12.00 and gave the company a “sector perform” rating in a report on Friday, October 29th. Citigroup raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and set a $11.00 price target for the company in a report on Thursday, December 9th. Bank of America upgraded Patterson-UTI Energy from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $9.25 to $10.50 in a research report on Tuesday, November 2nd. Finally, Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.00 to $10.25 in a research report on Tuesday, December 21st. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $11.25.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 28th. The oil and gas company reported ($0.44) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.44). The firm had revenue of $357.89 million for the quarter, compared to analysts’ expectations of $352.03 million. Patterson-UTI Energy had a negative return on equity of 21.31% and a negative net margin of 35.92%. The business’s quarterly revenue was up 72.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.60) EPS. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -1.91 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 16th. Shareholders of record on Thursday, December 2nd were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend was Wednesday, December 1st. Patterson-UTI Energy’s payout ratio is -3.76%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.
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