Irving Magee Investment Management adds Patterson-UTI Energy (PTEN) to its portfolio

Patterson-UTI Energy (PTEN) : Irving Magee Investment Management added new position in Patterson-UTI Energy during the most recent quarter end. The investment management firm now holds 89,700 shares of Patterson-UTI Energy which is valued at $1,743,768 , the company said in a statement filed on Aug 11, 2016 with the SEC.Patterson-UTI Energy makes up approximately 0.81% of Irving Magee Investment Management’s portfolio.

Other Hedge Funds, Including , Caldwell Orkin Inc added PTEN to its portfolio by purchasing 142,900 company shares during the most recent quarter which is valued at $2,777,976. Patterson-UTI Energy makes up approx 1.56% of Caldwell Orkin Inc’s portfolio.Blackrock Investment Management boosted its stake in PTEN in the latest quarter, The investment management firm added 334,537 additional shares and now holds a total of 866,422 shares of Patterson-UTI Energy which is valued at $16,843,244. Patterson-UTI Energy makes up approx 0.02% of Blackrock Investment Management’s portfolio. Dynamic Technology Lab Private Ltd added PTEN to its portfolio by purchasing 16,989 company shares during the most recent quarter which is valued at $330,266. Patterson-UTI Energy makes up approx 0.08% of Dynamic Technology Lab Private Ltd’s portfolio.Commonwealth Equity Services Inc boosted its stake in PTEN in the latest quarter, The investment management firm added 150 additional shares and now holds a total of 12,932 shares of Patterson-UTI Energy which is valued at $256,183.New York State Teachers Retirement System reduced its stake in PTEN by selling 100 shares or 0.04% in the most recent quarter. The Hedge Fund company now holds 278,711 shares of PTEN which is valued at $5,738,659. Patterson-UTI Energy makes up approx 0.01% of New York State Teachers Retirement System’s portfolio.

Patterson-UTI Energy opened for trading at $20.83 and hit $21.02 on the upside on Tuesday, eventually ending the session at $20.83, with a gain of 0.77% or 0.16 points. The heightened volatility saw the trading volume jump to 28,77,961 shares. Company has a market cap of $3,077 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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