Amica Mutual Insurance Co adds Patterson-UTI Energy (PTEN) to its portfolio

Patterson-UTI Energy (PTEN) : Amica Mutual Insurance Co added new position in Patterson-UTI Energy during the most recent quarter end. The investment management firm now holds 105,704 shares of Patterson-UTI Energy which is valued at $2,047,486 , the company said in a statement filed on Aug 2, 2016 with the SEC.Patterson-UTI Energy makes up approximately 0.19% of Amica Mutual Insurance Co’s portfolio.

Other Hedge Funds, Including , Lucus Advisors reduced its stake in PTEN by selling 14,018 shares or 45.98% in the most recent quarter. The Hedge Fund company now holds 16,467 shares of PTEN which is valued at $323,412. Patterson-UTI Energy makes up approx 0.25% of Lucus Advisors’s portfolio.Ibm Retirement Fund boosted its stake in PTEN in the latest quarter, The investment management firm added 16 additional shares and now holds a total of 14,579 shares of Patterson-UTI Energy which is valued at $300,182. Patterson-UTI Energy makes up approx 0.01% of Ibm Retirement Fund’s portfolio.Eqis Capital Management reduced its stake in PTEN by selling 21 shares or 0.08% in the most recent quarter. The Hedge Fund company now holds 24,898 shares of PTEN which is valued at $526,095. Patterson-UTI Energy makes up approx 0.03% of Eqis Capital Management’s portfolio.

Patterson-UTI Energy opened for trading at $20.02 and hit $20.615 on the upside on Monday, eventually ending the session at $20.39, with a gain of 2.93% or 0.58 points. The heightened volatility saw the trading volume jump to 25,63,251 shares. Company has a market cap of $3,012 M.

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.

Investors should note that on Jul 28, 2016, Patterson-UTI Energy announced a cash dividend of $0.0200. The company’s management has announced Sep 6, 2016 as the ex-dividend date and fixed the record date on Sep 8, 2016. The payable date has been fixed on Sep 22, 2016.

Many Wall Street Analysts have commented on Patterson-UTI Energy. 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 .Company shares were Upgraded by Jefferies on Jul 11, 2016 to ” Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $19 .Patterson-UTI Energy was Upgraded by Piper Jaffray to ” Overweight” on Jun 29, 2016.

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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