Marshall Wace North America L.P. Purchases New Stake in Patterson-UTI Energy, Inc. (PTEN)
Marshall Wace North America L.P. acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, Holdings Channel reports. The institutional investor acquired 369,646 shares of the oil and gas company’s stock, valued at approximately $8,871,000.
Other large investors also recently added to or reduced their stakes in the company. Scout Investments Inc. increased its stake in Patterson-UTI Energy by 30.3% in the third quarter. Scout Investments Inc. now owns 1,350,713 shares of the oil and gas company’s stock worth $30,215,000 after buying an additional 314,076 shares during the last quarter. ETRADE Capital Management LLC bought a new stake in Patterson-UTI Energy during the third quarter worth $200,000. Ashburton Jersey Ltd increased its stake in Patterson-UTI Energy by 18.9% in the third quarter. Ashburton Jersey Ltd now owns 61,040 shares of the oil and gas company’s stock worth $1,365,000 after buying an additional 9,700 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Patterson-UTI Energy during the fourth quarter worth $4,726,000. Finally, Comerica Bank increased its stake in Patterson-UTI Energy by 6.0% in the fourth quarter. Comerica Bank now owns 121,228 shares of the oil and gas company’s stock worth $3,337,000 after buying an additional 6,875 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.
Shares of Patterson-UTI Energy, Inc. (PTEN) traded up 2.723% during trading on Tuesday, hitting $21.315. 2,567,264 shares of the stock traded hands. The firm has a 50-day moving average of $21.54 and a 200-day moving average of $25.28. The firm’s market capitalization is $3.52 billion. Patterson-UTI Energy, Inc. has a 1-year low of $17.61 and a 1-year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.02. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The firm had revenue of $305.20 million during the quarter, compared to the consensus estimate of $294.82 million. During the same period in the previous year, the firm posted ($0.48) earnings per share. The business’s revenue was up 13.5% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post ($1.06) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -3.83%.
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A number of equities research analysts have weighed in on PTEN shares. Guggenheim raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Tuesday, February 14th. Zacks Investment Research cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $34.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, February 16th. Scotiabank reiterated a “hold” rating and issued a $30.00 target price on shares of Patterson-UTI Energy in a research note on Wednesday, March 22nd. Finally, Tudor Pickering started coverage on shares of Patterson-UTI Energy in a research note on Thursday, March 23rd. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $28.08.
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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