Penn Capital Management Co. Inc. lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 357,295 shares of the oil and gas company’s stock after selling 83,298 shares during the quarter. Penn Capital Management Co. Inc.’s holdings in Patterson-UTI Energy were worth $5,556,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Virtu Financial LLC grew its stake in shares of 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 buying an additional 34,599 shares during the last quarter. Magnus Financial Group LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $189,000. Geode Capital Management LLC grew its stake in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 2,268,509 shares of the oil and gas company’s stock worth $23,479,000 after buying an additional 88,404 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Patterson-UTI Energy by 433.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 189,478 shares of the oil and gas company’s stock worth $1,961,000 after buying an additional 153,990 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of Patterson-UTI Energy by 1.6% in the 4th quarter. BlackRock Inc. now owns 20,781,163 shares of the oil and gas company’s stock worth $215,084,000 after buying an additional 320,994 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

Shares of PTEN opened at $12.86 on Thursday. The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33. Patterson-UTI Energy, Inc. has a 12 month low of $9.49 and a 12 month high of $23.99. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of -37.82 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The business had revenue of $704.17 million for the quarter, compared to the consensus estimate of $694.10 million. During the same period last year, the business posted ($0.16) EPS. The company’s revenue was down 13.0% compared to the same quarter last year. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.68 earnings per share for the current year.

Patterson-UTI Energy announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 7th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $0.16 annualized dividend and a yield of 1.24%. Patterson-UTI Energy’s dividend payout ratio is -47.06%.

Several research firms recently weighed in on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. ValuEngine upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. TheStreet downgraded Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Zacks Investment Research upgraded 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 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 issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.71.

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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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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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