State of Tennessee Department of Treasury Increases Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State of Tennessee Department of Treasury raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,106 shares of the oil and gas company’s stock after buying an additional 5,094 shares during the period. State of Tennessee Department of Treasury’s holdings in Patterson-UTI Energy were worth $1,075,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PTEN. Tidal Investments LLC purchased a new position in shares of Patterson-UTI Energy during the third quarter valued at approximately $186,000. Franklin Resources Inc. raised its stake in shares of Patterson-UTI Energy by 7.5% during the third quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company’s stock valued at $5,640,000 after acquiring an additional 47,640 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Patterson-UTI Energy by 12.1% during the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock valued at $39,535,000 after acquiring an additional 559,859 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Patterson-UTI Energy by 3,991.5% during the fourth quarter. International Assets Investment Management LLC now owns 25,040 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 24,428 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Patterson-UTI Energy by 16.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 360,942 shares of the oil and gas company’s stock valued at $2,981,000 after acquiring an additional 51,216 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $5.86 on Friday. The firm’s fifty day simple moving average is $7.05 and its two-hundred day simple moving average is $7.86. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.70. The firm has a market capitalization of $2.26 billion, a P/E ratio of -2.37 and a beta of 1.60.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share. Analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PTEN. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Morgan Stanley decreased their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Barclays reduced their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $10.88.

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

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.