New York State Teachers Retirement System Reduces Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New York State Teachers Retirement System decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 356,393 shares of the oil and gas company’s stock after selling 48,625 shares during the period. New York State Teachers Retirement System’s holdings in Patterson-UTI Energy were worth $3,849,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy in the third quarter valued at approximately $25,000. Quarry LP boosted its position in Patterson-UTI Energy by 157.2% in the second quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 1,714 shares during the last quarter. CWM LLC boosted its position in Patterson-UTI Energy by 40.9% in the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its position in Patterson-UTI Energy by 350.7% in the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after buying an additional 2,539 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 1.2 %

NASDAQ PTEN opened at $11.68 on Monday. The business has a fifty day moving average price of $11.60 and a 200 day moving average price of $11.69. Patterson-UTI Energy, Inc. has a one year low of $9.70 and a one year high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The company has a market cap of $4.77 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.19 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.64 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. Susquehanna reiterated a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Benchmark lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Evercore ISI decreased their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group assumed coverage on Patterson-UTI Energy in a report on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.33.

Patterson-UTI Energy 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.