Patterson-UTI Energy (PTEN) : Kahn Brothers Group Inc De reduced its stake in Patterson-UTI Energy by 1.51% during the most recent quarter end. The investment management company now holds a total of 1,051,381 shares of Patterson-UTI Energy which is valued at $21,437,659 after selling 16,080 shares in Patterson-UTI Energy , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Patterson-UTI Energy makes up approximately 3.95% of Kahn Brothers Group Inc De’s portfolio.
Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in PTEN in the latest quarter, The investment management firm added 2,481 additional shares and now holds a total of 20,529 shares of Patterson-UTI Energy which is valued at $418,586.Heartland Advisors Inc boosted its stake in PTEN in the latest quarter, The investment management firm added 224,060 additional shares and now holds a total of 508,167 shares of Patterson-UTI Energy which is valued at $10,066,788. Patterson-UTI Energy makes up approx 0.54% of Heartland Advisors Inc’s portfolio. Amica Pension Fund Board Of Trustees added PTEN to its portfolio by purchasing 76,867 company shares during the most recent quarter which is valued at $1,488,914. Patterson-UTI Energy makes up approx 0.19% of Amica Pension Fund Board Of Trustees’s portfolio. Deprince Race Zollo Inc sold out all of its stake in PTEN during the most recent quarter. The investment firm sold 3,261,871 shares of PTEN which is valued $64,063,146.
Patterson-UTI Energy closed down -0.34 points or -1.67% at $19.96 with 30,26,023 shares getting traded on Wednesday. Post opening the session at $20.17, the shares hit an intraday low of $19.765 and an intraday high of $20.53 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
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. 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.