Patterson-UTI Energy Inc. (PTEN) Position Lowered by Retirement Systems of Alabama
Retirement Systems of Alabama reduced its position in shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) by 9.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 678,101 shares of the company’s stock after selling 74,667 shares during the period. Retirement Systems of Alabama’s holdings in Patterson-UTI Energy were worth $14,457,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in PTEN. Nisa Investment Advisors L.L.C. boosted its stake in shares of Patterson-UTI Energy by 16.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 87,150 shares of the company’s stock worth $1,536,000 after buying an additional 12,600 shares in the last quarter. Virginia Retirement System purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $416,000. Pacad Investment Ltd. boosted its stake in shares of Patterson-UTI Energy by 53.9% in the first quarter. Pacad Investment Ltd. now owns 46,171 shares of the company’s stock worth $814,000 after buying an additional 16,171 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Patterson-UTI Energy by 15.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,796,366 shares of the company’s stock worth $31,652,000 after buying an additional 236,273 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its stake in shares of Patterson-UTI Energy by 5.2% in the first quarter. Teachers Advisors Inc. now owns 1,137,143 shares of the company’s stock worth $20,036,000 after buying an additional 56,090 shares in the last quarter.
Shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded up 2.76% on Friday, hitting $22.37. 5,983,778 shares of the stock were exchanged. The company has a 50 day moving average of $19.95 and a 200 day moving average of $19.28. Patterson-UTI Energy Inc. has a 52-week low of $10.94 and a 52-week high of $22.66. The company’s market cap is $3.27 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.05. Patterson-UTI Energy had a negative net margin of 36.04% and a negative return on equity of 10.09%. The firm had revenue of $193.90 million for the quarter, compared to the consensus estimate of $193.19 million. During the same period in the prior year, the firm posted ($0.13) earnings per share. The company’s revenue for the quarter was down 59.0% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Tuesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -2.67%.
PTEN has been the subject of a number of recent analyst reports. Gabelli initiated coverage on shares of Patterson-UTI Energy in a research note on Thursday, June 16th. They issued a “hold” rating for the company. Howard Weil raised their target price on shares of Patterson-UTI Energy from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, June 20th. Scotiabank restated a “sector perform” rating and set a $22.00 target price (up previously from $20.00) on shares of Patterson-UTI Energy in a research note on Monday, June 20th. Piper Jaffray Cos. upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating in a research note on Wednesday, June 29th. Finally, Simmons upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $17.50 to $23.00 in a research note on Wednesday, June 29th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $19.64.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
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