State of Alaska Department of Revenue Decreases Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State of Alaska Department of Revenue lessened its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 194,826 shares of the oil and gas company’s stock after selling 6,848 shares during the period. State of Alaska Department of Revenue owned about 0.05% of Patterson-UTI Energy worth $1,601,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $42,000. Smartleaf Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. Finally, Crestline Management LP purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at $85,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $5.98 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The stock has a 50-day simple moving average of $5.96 and a two-hundred day simple moving average of $7.29. The firm has a market capitalization of $2.31 billion, a PE ratio of -2.30 and a beta of 1.31. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.27.

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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the company posted $0.15 EPS. The firm’s revenue was down 15.2% on a year-over-year basis. Analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.35%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Insider Activity

In related news, Director James Carl Stewart sold 5,500 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director now directly owns 999,754 shares of the company’s stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of several research analyst reports. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Citigroup restated a “neutral” rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. dropped their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Barclays decreased their target price 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, April 28th. Finally, Morgan Stanley dropped their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $9.50.

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.