Mutual of America Capital Management LLC raised its stake in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 4.0% during the third quarter, Holdings Channel reports. The fund owned 113,416 shares of the company’s stock after buying an additional 4,313 shares during the period. Mutual of America Capital Management LLC owned approximately 0.08% of Patterson-UTI Energy worth $2,537,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Commonwealth Equity Services Inc increased its stake in shares of Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock valued at $276,000 after buying an additional 150 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $297,000. Macquarie Group Ltd. increased its stake in shares of Patterson-UTI Energy by 16.5% in the second quarter. Macquarie Group Ltd. now owns 2,638,440 shares of the company’s stock valued at $56,252,000 after buying an additional 374,120 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Patterson-UTI Energy by 1.8% in the second quarter. Prudential Financial Inc. now owns 89,309 shares of the company’s stock valued at $1,904,000 after buying an additional 1,600 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Patterson-UTI Energy by 87.4% in the second quarter. Principal Financial Group Inc. now owns 928,732 shares of the company’s stock valued at $19,800,000 after buying an additional 433,035 shares during the last quarter.
Patterson-UTI Energy Inc. (NASDAQ:PTEN) opened at 24.19 on Friday. The firm’s 50-day moving average price is $23.35 and its 200 day moving average price is $20.78. Patterson-UTI Energy Inc. has a 12-month low of $10.94 and a 12-month high of $25.01. The company’s market capitalization is $3.55 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 27th. The company reported ($0.58) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.02. Patterson-UTI Energy had a negative net margin of 29.69% and a negative return on equity of 12.24%. The business earned $206.10 million during the quarter, compared to the consensus estimate of $205.31 million. During the same period in the previous year, the business earned ($0.26) earnings per share. The company’s revenue was down 51.2% on a year-over-year basis. On average, analysts expect that Patterson-UTI Energy Inc. will post ($2.31) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Thursday, December 8th will be given a dividend of $0.02 per share. The ex-dividend date is Tuesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.33%. Patterson-UTI Energy’s dividend payout ratio is currently -3.92%.
Several analysts recently weighed in on PTEN shares. DA Davidson restated a “buy” rating and set a $26.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, September 15th. Citigroup Inc. raised their price objective on Patterson-UTI Energy from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 11th. Scotiabank reiterated a “sector perform” rating and issued a $27.00 price objective (up previously from $22.00) on shares of Patterson-UTI Energy in a research report on Friday, October 28th. Jefferies Group reiterated a “buy” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research report on Wednesday, October 19th. Finally, Gabelli upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, September 14th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $20.46.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.