Point72 Asset Management L.P. purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,496,983 shares of the oil and gas company’s stock, valued at approximately $15,718,000. Point72 Asset Management L.P. owned approximately 0.77% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Renaissance Technologies LLC increased its holdings in shares of Patterson-UTI Energy by 16.6% in the 4th quarter. Renaissance Technologies LLC now owns 11,464,159 shares of the oil and gas company’s stock valued at $120,374,000 after acquiring an additional 1,631,111 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Patterson-UTI Energy by 154.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,494,605 shares of the oil and gas company’s stock worth $15,693,000 after purchasing an additional 908,100 shares during the period. SG Americas Securities LLC raised its holdings in shares of Patterson-UTI Energy by 1,309.7% during the fourth quarter. SG Americas Securities LLC now owns 645,649 shares of the oil and gas company’s stock worth $6,779,000 after purchasing an additional 599,850 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Patterson-UTI Energy by 6.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,543,437 shares of the oil and gas company’s stock worth $110,705,000 after purchasing an additional 592,901 shares during the period. Finally, Man Group plc bought a new position in shares of Patterson-UTI Energy in the 3rd quarter worth about $3,930,000. Institutional investors and hedge funds own 98.00% of the company’s stock.
In related news, CEO William Andrew Hendricks, Jr. acquired 50,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were bought at an average cost of $2.04 per share, with a total value of $102,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,144,724 shares of the company’s stock, valued at $2,335,236.96. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Terry H. Hunt sold 5,900 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $10.49, for a total value of $61,891.00. Following the completion of the sale, the director now owns 91,670 shares in the company, valued at $961,618.30. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.
Shares of PTEN traded down $0.16 during mid-day trading on Thursday, hitting $2.55. 6,782,233 shares of the company’s stock were exchanged, compared to its average volume of 5,302,940. The firm has a fifty day moving average of $5.15 and a two-hundred day moving average of $8.20. Patterson-UTI Energy, Inc. has a twelve month low of $1.80 and a twelve month high of $16.27. The stock has a market cap of $503.44 million, a price-to-earnings ratio of -1.20 and a beta of 1.91. The company has a quick ratio of 1.49, a current ratio of 1.58 and a debt-to-equity ratio of 0.35.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 6th. The oil and gas company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.03). Patterson-UTI Energy had a negative return on equity of 6.53% and a negative net margin of 17.23%. The business had revenue of $492.00 million for the quarter, compared to analyst estimates of $486.49 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm’s quarterly revenue was down 38.2% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -1.92 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 5th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend was Wednesday, March 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -16.16%.
A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Patterson-UTI Energy from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $7.00 to $6.00 in a research report on Friday, December 13th. Royal Bank of Canada reissued a “buy” rating and issued a $2.75 target price on shares of Patterson-UTI Energy in a report on Wednesday, March 18th. Evercore ISI downgraded Patterson-UTI Energy to a “hold” rating in a research note on Tuesday, March 17th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, March 10th. Finally, AltaCorp Capital cut Patterson-UTI Energy from an “outperform” rating to an “underperform” rating in a research report on Wednesday, December 18th. Eleven analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.08.
Patterson-UTI Energy Profile
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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