Pictet Asset Management SA Boosts Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Pictet Asset Management SA increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 19.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,213 shares of the oil and gas company’s stock after buying an additional 2,613 shares during the quarter. Pictet Asset Management SA’s holdings in Patterson-UTI Energy were worth $189,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PTEN. Diversified Trust Co bought a new stake in Patterson-UTI Energy during the 3rd quarter worth approximately $359,000. ExodusPoint Capital Management LP raised its stake in Patterson-UTI Energy by 189.1% during the 3rd quarter. ExodusPoint Capital Management LP now owns 358,115 shares of the oil and gas company’s stock worth $4,183,000 after acquiring an additional 234,233 shares during the period. Allianz Asset Management GmbH raised its stake in Patterson-UTI Energy by 35.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 976,599 shares of the oil and gas company’s stock worth $11,407,000 after acquiring an additional 255,296 shares during the period. Dupont Capital Management Corp bought a new stake in Patterson-UTI Energy during the 3rd quarter worth approximately $707,000. Finally, Edgestream Partners L.P. raised its stake in Patterson-UTI Energy by 23.9% during the 2nd quarter. Edgestream Partners L.P. now owns 84,831 shares of the oil and gas company’s stock worth $1,337,000 after acquiring an additional 16,380 shares during the period. Hedge funds and other institutional investors own 96.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a research note on Thursday, November 10th. StockNews.com upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Friday, February 10th. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $26.00 to $24.00 and set a “positive” rating on the stock in a research report on Friday, February 10th. Raymond James began coverage on shares of Patterson-UTI Energy in a research report on Friday, December 9th. They set a “strong-buy” rating on the stock. Finally, Citigroup reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 22nd. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.05.

Patterson-UTI Energy Stock Up 3.9 %

NASDAQ PTEN opened at $14.89 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.51 and a debt-to-equity ratio of 0.50. The company has a fifty day moving average of $15.88 and a two-hundred day moving average of $15.75. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 0.13 and a beta of 2.30. Patterson-UTI Energy, Inc. has a 52 week low of $10.69 and a 52 week high of $20.53.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last posted its quarterly earnings data on Wednesday, February 8th. The oil and gas company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $788.50 million during the quarter, compared to analyst estimates of $758.68 million. Patterson-UTI Energy had a net margin of 5.84% and a return on equity of 8.87%. Patterson-UTI Energy’s quarterly revenue was up 69.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.38) earnings per share. On average, analysts predict that Patterson-UTI Energy, Inc. will post 1.83 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Shareholders of record on Thursday, March 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.15%. The ex-dividend date is Wednesday, March 1st. Patterson-UTI Energy’s payout ratio is 45.07%.

Patterson-UTI Energy Company Profile

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.