Kiltearn Partners Llp Lowers stake in Patterson-UTI Energy (PTEN)

Patterson-UTI Energy (PTEN) : Kiltearn Partners Llp reduced its stake in Patterson-UTI Energy by 69.65% during the most recent quarter end. The investment management company now holds a total of 1,536,746 shares of Patterson-UTI Energy which is valued at $29,874,342 after selling 3,527,300 shares in Patterson-UTI Energy , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Patterson-UTI Energy makes up approximately 1.24% of Kiltearn Partners Llp’s portfolio.

Other Hedge Funds, Including , Tower Research Capital (trc) boosted its stake in PTEN in the latest quarter, The investment management firm added 2,805 additional shares and now holds a total of 16,077 shares of Patterson-UTI Energy which is valued at $312,537. Patterson-UTI Energy makes up approx 0.03% of Tower Research Capital (trc)’s portfolio.Gabelli Funds reduced its stake in PTEN by selling 178,000 shares or 52.82% in the most recent quarter. The Hedge Fund company now holds 159,000 shares of PTEN which is valued at $3,149,790. Patterson-UTI Energy makes up approx 0.02% of Gabelli Funds’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. 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.

Patterson-UTI Energy opened for trading at $21 and hit $21.29 on the upside on Friday, eventually ending the session at $21.22, with a gain of 0.24% or 0.05 points. The heightened volatility saw the trading volume jump to 32,74,085 shares. Company has a market cap of $3,135 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. 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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