Kornitzer Capital Management Inc. KS Buys New Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Kornitzer Capital Management Inc. KS acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 280,515 shares of the oil and gas company's stock, valued at approximately $2,906,000. Kornitzer Capital Management Inc. KS owned about 0.07% of Patterson-UTI Energy as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its holdings in shares of Patterson-UTI Energy by 92.1% in the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company's stock valued at $9,809,000 after acquiring an additional 435,490 shares in the last quarter. Pingora Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $245,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of Patterson-UTI Energy by 25.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company's stock valued at $5,931,000 after purchasing an additional 100,626 shares during the period. Edmond DE Rothschild Holding S.A. lifted its stake in shares of Patterson-UTI Energy by 37.8% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company's stock valued at $14,580,000 after purchasing an additional 370,000 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Patterson-UTI Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PTEN shares. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, July 16th. ATB Capital reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Wednesday. Barclays reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Friday, August 16th. Bank of America reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research note on Monday, July 15th. Finally, Susquehanna cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating for the company in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.29.

Patterson-UTI Energy Trading Down 1.6 %

Shares of NASDAQ PTEN traded down $0.13 during midday trading on Friday, reaching $8.20. 6,651,452 shares of the stock were exchanged, compared to its average volume of 6,851,257. The company has a market capitalization of $3.22 billion, a P/E ratio of 12.06 and a beta of 2.13. Patterson-UTI Energy, Inc. has a 52-week low of $8.15 and a 52-week high of $16.17. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $9.61 and a 200-day moving average price of $10.64.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. Equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.33 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.90%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 47.06%.

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.