Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,096 shares of the oil and gas company’s stock after selling 11,000 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Patterson-UTI Energy were worth $778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. increased its position in Patterson-UTI Energy by 7.3% in the 4th quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company’s stock valued at $943,000 after acquiring an additional 5,915 shares during the period. Charles Schwab Investment Management Inc. increased its position in Patterson-UTI Energy by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock valued at $51,677,000 after acquiring an additional 177,428 shares during the period. Teacher Retirement System of Texas increased its position in Patterson-UTI Energy by 11.3% in the 4th quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company’s stock valued at $470,000 after acquiring an additional 4,407 shares during the period. BNP Paribas Financial Markets increased its position in Patterson-UTI Energy by 92.1% in the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after acquiring an additional 435,490 shares during the period. Finally, Jump Financial LLC boosted its holdings in Patterson-UTI Energy by 17.9% in the 4th quarter. Jump Financial LLC now owns 73,392 shares of the oil and gas company’s stock valued at $793,000 after purchasing an additional 11,157 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

PTEN stock opened at $7.86 on Wednesday. Patterson-UTI Energy, Inc. has a 1 year low of $7.72 and a 1 year high of $16.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The stock’s 50 day moving average price is $9.52 and its 200 day moving average price is $10.57. The firm has a market cap of $3.09 billion, a P/E ratio of 11.56 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.32 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 4.07%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PTEN. Bank of America lowered their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. Piper Sandler lowered their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. ATB Capital lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Finally, Barclays decreased their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.29.

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.