Elm Ridge Management Lowers stake in Patterson-UTI Energy (PTEN)

Patterson-UTI Energy (PTEN) : Elm Ridge Management reduced its stake in Patterson-UTI Energy by 47.33% during the most recent quarter end. The investment management company now holds a total of 811,966 shares of Patterson-UTI Energy which is valued at $15,784,619 after selling 729,704 shares in Patterson-UTI Energy , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Patterson-UTI Energy makes up approximately 4.60% of Elm Ridge Management’s portfolio.

Other Hedge Funds, Including , Squarepoint Ops added PTEN to its portfolio by purchasing 54,717 company shares during the most recent quarter which is valued at $1,063,698. Patterson-UTI Energy makes up approx 0.08% of Squarepoint Ops’s portfolio.Van Eck Associates Corp reduced its stake in PTEN by selling 187,169 shares or 5.19% in the most recent quarter. The Hedge Fund company now holds 3,422,470 shares of PTEN which is valued at $66,532,817. Patterson-UTI Energy makes up approx 0.31% of Van Eck Associates Corp’s portfolio.Grace White Inc Ny reduced its stake in PTEN by selling 39,300 shares or 74.01% in the most recent quarter. The Hedge Fund company now holds 13,800 shares of PTEN which is valued at $268,272. Patterson-UTI Energy makes up approx 0.06% of Grace White Inc Ny’s portfolio.Prudential Plc reduced its stake in PTEN by selling 74,100 shares or 2.0% in the most recent quarter. The Hedge Fund company now holds 3,623,000 shares of PTEN which is valued at $70,431,120. Patterson-UTI Energy makes up approx 0.27% of Prudential Plc’s portfolio. Cable Hill Partners added PTEN to its portfolio by purchasing 156 company shares during the most recent quarter which is valued at $3,090.

Patterson-UTI Energy (PTEN) witnessed a volatile trading activity on Thursday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $19.41 and reached the intraday high at $19.49. The bulls started the profit booking and pushed the shares to intraday low of $19.03. The trading session was marked by a volume range of 27,44,693 shares exchanging hands. The 52-week high of the shares is $22.12 and the 52-week low is $10.935. The market cap of the company stands at $2,879 M and there are 14,77,32,340 shares in public circulation.

On the company’s financial health, Patterson-UTI Energy reported $-0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.62. The company had revenue of $194.00 million for the quarter, compared to analysts expectations of $194.39 million. The company’s revenue was down -59.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.13 EPS.

Many Wall Street Analysts have commented on Patterson-UTI Energy. Patterson-UTI Energy was Upgraded by BofA/Merrill to ” Neutral” on Aug 16, 2016. Patterson-UTI Energy was Downgraded by Macquarie to ” Underperform” on Aug 9, 2016. Company shares were Reiterated by Cowen on Jul 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 23 from a previous price target of $21 .

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 markets its contract drilling services to oil and natural gas operators in the continental United States and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas Southwest Region and the Appalachian region Northeast Region. The Company’s Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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