Franklin Resources Inc. Has $1.49 Million Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Franklin Resources Inc. lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 56.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 251,610 shares of the oil and gas company’s stock after selling 328,996 shares during the period. Franklin Resources Inc. owned approximately 0.07% of Patterson-UTI Energy worth $1,492,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $54,000. Smartleaf Asset Management LLC boosted its stake in Patterson-UTI Energy by 41.0% during the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after acquiring an additional 2,323 shares in the last quarter. Oak Family Advisors LLC acquired a new stake in Patterson-UTI Energy in the second quarter worth $74,000. Stratos Wealth Partners LTD. acquired a new stake in Patterson-UTI Energy in the second quarter worth $81,000. Finally, Hodges Capital Management Inc. bought a new stake in Patterson-UTI Energy in the first quarter valued at $82,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PTEN has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Barclays reiterated an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Susquehanna decreased their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.39.

Patterson-UTI Energy Trading Up 3.2%

Shares of Patterson-UTI Energy stock opened at $6.48 on Friday. The company has a market capitalization of $2.46 billion, a P/E ratio of -18.00 and a beta of 0.77. The stock has a fifty day simple moving average of $5.89 and a 200 day simple moving average of $5.85. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $9.57. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. The firm had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.08 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 4.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.