State of Alaska Department of Revenue Grows Stake in Patterson-UTI Energy, Inc. $PTEN

State of Alaska Department of Revenue grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,079 shares of the oil and gas company’s stock after purchasing an additional 14,253 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of Patterson-UTI Energy worth $1,239,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PTEN. State of Wyoming purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at $54,000. Blue Trust Inc. grew its position in Patterson-UTI Energy by 42.9% in the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company’s stock worth $59,000 after acquiring an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after acquiring an additional 2,323 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in Patterson-UTI Energy in the first quarter worth $82,000. Finally, Merit Financial Group LLC purchased a new position in Patterson-UTI Energy in the first quarter worth $85,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research reports. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Patterson-UTI Energy in a research report on Saturday, September 27th. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 target price for the company. Finally, Susquehanna cut their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.90.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $5.56 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $9.57. The company has a 50 day simple moving average of $5.58 and a two-hundred day simple moving average of $6.02. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -2.01 and a beta of 1.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. Patterson-UTI Energy’s revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.8%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -11.59%.

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.