Strs Ohio Sells 45,141 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Strs Ohio trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 62.4% in the fourth quarter, HoldingsChannel reports. The firm owned 27,200 shares of the oil and gas company’s stock after selling 45,141 shares during the period. Strs Ohio’s holdings in Patterson-UTI Energy were worth $293,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PTEN. Capital Advisors Ltd. LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $25,000. CWM LLC grew its stake in shares of Patterson-UTI Energy by 40.9% during the third 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. Parkside Financial Bank & Trust grew its stake in shares of Patterson-UTI Energy by 635.8% during 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 purchasing an additional 2,594 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of 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 purchasing an additional 2,539 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $98,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $11.26 on Tuesday. The stock’s fifty day simple moving average is $11.71 and its 200 day simple moving average is $11.55. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.54 billion, a PE ratio of 11.15, a PEG ratio of 1.65 and a beta of 2.22. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. On average, research analysts predict that Patterson-UTI Energy, Inc. will post 0.6 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 annualized dividend and a yield of 2.84%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 31.68%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several research reports. Royal Bank of Canada lowered their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Evercore ISI dropped their price objective 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. Susquehanna reaffirmed a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Bank of America lowered their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Finally, Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

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.