Arizona State Retirement System Acquires 7,269 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Arizona State Retirement System boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,148 shares of the oil and gas company’s stock after purchasing an additional 7,269 shares during the quarter. Arizona State Retirement System’s holdings in Patterson-UTI Energy were worth $900,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PTEN. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $26,000. Advisor Group Holdings Inc. raised its holdings in shares of Patterson-UTI Energy by 38.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock worth $41,000 after buying an additional 1,342 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $89,000. Journey Strategic Wealth LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $106,000. Finally, PEAK6 Investments LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $116,000. Institutional investors own 95.14% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In related news, insider James Michael Holcomb sold 8,333 shares of Patterson-UTI Energy stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $16.31, for a total value of $135,911.23. Following the sale, the insider now owns 356,442 shares of the company’s stock, valued at $5,813,569.02. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the transaction, the chief executive officer now owns 2,201,374 shares of the company’s stock, valued at $31,633,744.38. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider James Michael Holcomb sold 8,333 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $16.31, for a total value of $135,911.23. Following the transaction, the insider now directly owns 356,442 shares in the company, valued at approximately $5,813,569.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 491,666 shares of company stock valued at $8,050,072. 2.70% of the stock is owned by insiders.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. Susquehanna increased their target price on Patterson-UTI Energy from $20.00 to $23.00 in a report on Wednesday, June 8th. StockNews.com raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, July 29th. Atb Cap Markets cut Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 7th. Benchmark assumed coverage on Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Piper Sandler cut Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $21.00 to $22.75 in a research note on Tuesday, May 31st. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $19.93.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $16.30 on Wednesday. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -7.58 and a beta of 2.27. The stock’s 50-day moving average is $15.99 and its 200-day moving average is $14.99. Patterson-UTI Energy, Inc. has a one year low of $6.44 and a one year high of $20.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio is currently -7.44%.

Patterson-UTI Energy Profile

(Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

See Also

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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