State of Alaska Department of Revenue Acquires 13,460 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State of Alaska Department of Revenue boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 9.0% during the second quarter, HoldingsChannel reports. The fund owned 163,532 shares of the oil and gas company’s stock after purchasing an additional 13,460 shares during the quarter. State of Alaska Department of Revenue’s holdings in Patterson-UTI Energy were worth $2,577,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC bought a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $657,000. New York State Common Retirement Fund grew its holdings in Patterson-UTI Energy by 402.8% during the 1st quarter. New York State Common Retirement Fund now owns 907,580 shares of the oil and gas company’s stock worth $14,049,000 after acquiring an additional 727,079 shares during the last quarter. American Century Companies Inc. grew its holdings in Patterson-UTI Energy by 20.9% during the 1st quarter. American Century Companies Inc. now owns 331,080 shares of the oil and gas company’s stock worth $5,125,000 after acquiring an additional 57,327 shares during the last quarter. Journey Strategic Wealth LLC bought a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $106,000. Finally, GSA Capital Partners LLP bought a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $339,000. 99.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PTEN. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $20.00 to $23.00 in a report on Wednesday, June 8th. Bank of America lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $22.00 to $13.50 in a research note on Friday, July 15th. Citigroup upped their price objective on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, July 6th. Susquehanna Bancshares upped their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “positive” rating in a research note on Wednesday, June 8th. Finally, Barclays upped their price objective on shares of Patterson-UTI Energy to $24.00 in a research note on Tuesday, August 9th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $19.93.

Patterson-UTI Energy Stock Down 3.0 %

Shares of NASDAQ PTEN opened at $12.99 on Friday. The firm has a market cap of $2.82 billion, a PE ratio of -6.04 and a beta of 2.25. Patterson-UTI Energy, Inc. has a 12-month low of $6.70 and a 12-month high of $20.53. The company’s fifty day simple moving average is $14.79 and its 200 day simple moving average is $15.70. The company has a quick ratio of 1.27, a current ratio of 1.39 and a debt-to-equity ratio of 0.56.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.23%. The ex-dividend date was Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio is presently -7.44%.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $13.76, for a total value of $1,376,000.00. Following the transaction, the chief executive officer now directly owns 1,801,374 shares of the company’s stock, valued at $24,786,906.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Patterson-UTI Energy 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 transaction of $135,911.23. Following the completion of the transaction, the insider now owns 356,442 shares in the company, valued at approximately $5,813,569.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $13.76, for a total value of $1,376,000.00. Following the transaction, the chief executive officer now owns 1,801,374 shares of the company’s stock, valued at approximately $24,786,906.24. The disclosure for this sale can be found here. Insiders have sold a total of 116,666 shares of company stock valued at $1,645,239 over the last ninety days. 2.70% of the stock is owned by corporate insiders.

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.

Further Reading

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating).

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.