Maryland State Retirement & Pension System Reduces Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Maryland State Retirement & Pension System lessened its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 116,777 shares of the oil and gas company’s stock after selling 1,283 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Patterson-UTI Energy were worth $1,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC bought a new position in Patterson-UTI Energy during the 3rd quarter valued at approximately $25,000. Parkside Financial Bank & Trust increased its holdings in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of Patterson-UTI Energy by 350.7% in the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 2,539 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $77,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $98,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $10.77 on Thursday. The stock’s 50-day simple moving average is $11.59 and its 200-day simple moving average is $11.42. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.57 and a beta of 2.23. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, analysts expect that Patterson-UTI Energy, Inc. will post 0.59 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.97%. Patterson-UTI Energy’s payout ratio is 47.06%.

Analyst Ratings Changes

A number of analysts have commented on the company. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a report on Monday. Piper Sandler dropped their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday. Susquehanna restated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Finally, Bank of America dropped their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

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.