Treasurer of the State of North Carolina Reduces Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

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Treasurer of the State of North Carolina trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,864 shares of the oil and gas company’s stock after selling 4,870 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Patterson-UTI Energy were worth $1,161,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC increased its holdings in Patterson-UTI Energy by 7.7% in the second quarter. AQR Capital Management LLC now owns 6,728,066 shares of the oil and gas company’s stock valued at $77,440,000 after buying an additional 478,869 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Patterson-UTI Energy by 84.2% in the second quarter. Renaissance Technologies LLC now owns 6,474,948 shares of the oil and gas company’s stock valued at $74,527,000 after buying an additional 2,960,000 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Patterson-UTI Energy by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 4,640,250 shares of the oil and gas company’s stock valued at $53,409,000 after buying an additional 498,806 shares during the last quarter. Prudential PLC increased its holdings in Patterson-UTI Energy by 17.5% in the second quarter. Prudential PLC now owns 3,573,704 shares of the oil and gas company’s stock valued at $41,148,000 after buying an additional 531,000 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Patterson-UTI Energy by 8.9% in the second quarter. Invesco Ltd. now owns 2,772,090 shares of the oil and gas company’s stock valued at $31,907,000 after buying an additional 226,302 shares during the last quarter. 97.98% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ PTEN opened at $8.26 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $8.79 and a 200-day simple moving average of $11.23. The company has a market cap of $1.59 billion, a PE ratio of -24.28 and a beta of 1.52. Patterson-UTI Energy, Inc. has a 12-month low of $7.68 and a 12-month high of $17.42.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The business had revenue of $675.77 million during the quarter, compared to the consensus estimate of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The business’s revenue was down 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) earnings per share. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $0.16 annualized dividend and a dividend yield of 1.94%. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

PTEN has been the subject of several research analyst reports. Bank of America lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Tuesday. BidaskClub lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, September 21st. Piper Jaffray Companies lowered their target price on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Wells Fargo & Co lowered Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a report on Thursday, September 12th. Finally, Scotiabank lowered Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 target price for the company. in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $12.80.

In other Patterson-UTI Energy news, Director Curtis W. Huff acquired 25,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, August 23rd. The stock was acquired at an average cost of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the transaction, the director now owns 162,817 shares in the company, valued at approximately $1,315,561.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $9.05, for a total value of $45,250.00. Following the transaction, the director now owns 27,023 shares of the company’s stock, valued at $244,558.15. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Further Reading: Debt-To-Equity Ratio

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

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