Viking Fund Management buys $8,841,600 stake in Patterson-UTI Energy (PTEN)

Patterson-UTI Energy (PTEN) : Viking Fund Management scooped up 50,000 additional shares in Patterson-UTI Energy during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 13, 2016. The investment management firm now holds a total of 360,000 shares of Patterson-UTI Energy which is valued at $8,841,600.Patterson-UTI Energy makes up approximately 1.42% of Viking Fund Management’s portfolio.

Other Hedge Funds, Including , Dalton Greiner Hartman Maher Co reduced its stake in PTEN by selling 47,790 shares or 8.18% in the most recent quarter. The Hedge Fund company now holds 536,096 shares of PTEN which is valued at $13,166,518. Patterson-UTI Energy makes up approx 0.87% of Dalton Greiner Hartman Maher Co’s portfolio.Capstone Asset Management Co reduced its stake in PTEN by selling 380 shares or 2.15% in the most recent quarter. The Hedge Fund company now holds 17,284 shares of PTEN which is valued at $420,520. Patterson-UTI Energy makes up approx 0.01% of Capstone Asset Management Co’s portfolio.Fox Run Management L.l.c. reduced its stake in PTEN by selling 2,800 shares or 20.0% in the most recent quarter. The Hedge Fund company now holds 11,200 shares of PTEN which is valued at $272,496. Patterson-UTI Energy makes up approx 0.16% of Fox Run Management L.l.c.’s portfolio.Creative Planning boosted its stake in PTEN in the latest quarter, The investment management firm added 20,000 additional shares and now holds a total of 20,422 shares of Patterson-UTI Energy which is valued at $496,867.Oregon Public Employees Retirement Fund reduced its stake in PTEN by selling 23,355 shares or 31.4% in the most recent quarter. The Hedge Fund company now holds 51,022 shares of PTEN which is valued at $1,227,079. Patterson-UTI Energy makes up approx 0.03% of Oregon Public Employees Retirement Fund’s portfolio.

Patterson-UTI Energy opened for trading at $23.95 and hit $24.36 on the upside on Tuesday, eventually ending the session at $24.33, with a gain of 1.16% or 0.28 points. The heightened volatility saw the trading volume jump to 46,27,936 shares. Company has a market cap of $3,594 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.

Many Wall Street Analysts have commented on Patterson-UTI Energy. Gabelli & Co Upgraded Patterson-UTI Energy on Sep 14, 2016 to ” Buy”, Price Target of the shares are set at $26.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.

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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