State of Alaska Department of Revenue Has $1.67 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State of Alaska Department of Revenue reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 201,674 shares of the oil and gas company’s stock after selling 2,434 shares during the period. State of Alaska Department of Revenue’s holdings in Patterson-UTI Energy were worth $1,665,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PTEN. Sanctuary Advisors LLC acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $486,000. Creative Planning increased its stake in shares of Patterson-UTI Energy by 101.4% during the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock worth $996,000 after purchasing an additional 65,570 shares during the period. nVerses Capital LLC acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth approximately $75,000. AlphaMark Advisors LLC bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at $272,000. Finally, Blue Trust Inc. grew its holdings in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup dropped their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Barclays dropped their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Stock Up 2.8 %

Shares of PTEN opened at $9.23 on Wednesday. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -3.74 and a beta of 2.06. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The stock has a fifty day moving average of $8.29 and a 200-day moving average of $8.41.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by 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.