Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 204,108 shares of the oil and gas company’s stock after buying an additional 22,506 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of Patterson-UTI Energy worth $1,561,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PTEN. InTrack Investment Management Inc raised its stake in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after acquiring an additional 1,037 shares during the period. Hexagon Capital Partners LLC lifted its stake in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC grew its stake in shares of Patterson-UTI Energy by 15.8% in the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after buying an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 10.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after buying an additional 1,879 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of 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 during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PTEN. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Piper Sandler 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 note on Monday, July 15th. Royal Bank of Canada reduced 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. Finally, Barclays cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Down 3.3 %

PTEN stock opened at $7.42 on Friday. The stock has a market cap of $2.89 billion, a P/E ratio of -3.39 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $13.14. The company’s 50 day moving average is $8.21 and its two-hundred day moving average is $9.59.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

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.