Arizona State Retirement System Purchases 1,506 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Arizona State Retirement System raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 99,484 shares of the oil and gas company’s stock after buying an additional 1,506 shares during the quarter. Arizona State Retirement System’s holdings in Patterson-UTI Energy were worth $1,074,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC bought a new position in Patterson-UTI Energy in the 3rd quarter valued at about $25,000. CWM LLC grew its holdings in shares of Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares during the last quarter. Coppell Advisory Solutions Corp. bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $47,000. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 1,714 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 2,594 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PTEN has been the topic of several research reports. Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Susquehanna reaffirmed a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. Evercore ISI decreased their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group assumed coverage on shares of Patterson-UTI Energy in a research report on Tuesday, December 19th. They set a “neutral” rating and a $12.00 target price on the stock. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Stock Down 1.6 %

Shares of NASDAQ PTEN opened at $11.49 on Tuesday. The company has a market capitalization of $4.63 billion, a P/E ratio of 11.38, a price-to-earnings-growth ratio of 1.19 and a beta of 2.22. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week 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’s 50 day moving average price is $11.63 and its 200-day moving average price is $11.67.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. Equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.64 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.79%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is currently owned by company insiders.

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.