Retirement Systems of Alabama reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 463,365 shares of the oil and gas company’s stock after selling 1,591 shares during the period. Retirement Systems of Alabama’s holdings in Patterson-UTI Energy were worth $9,355,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PTEN. Sei Investments Co. increased its stake in shares of Patterson-UTI Energy by 516.6% in the second quarter. Sei Investments Co. now owns 323,246 shares of the oil and gas company’s stock valued at $6,526,000 after buying an additional 270,823 shares during the period. World Asset Management Inc increased its stake in shares of Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the last quarter. Public Employees Retirement Association of Colorado increased its stake in shares of Patterson-UTI Energy by 4.1% in the second quarter. Public Employees Retirement Association of Colorado now owns 35,439 shares of the oil and gas company’s stock valued at $716,000 after buying an additional 1,386 shares during the last quarter. Strs Ohio acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $30,285,000. Finally, Parkwood LLC acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $657,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) opened at 16.83 on Friday. The firm’s market capitalization is $3.56 billion. Patterson-UTI Energy, Inc. has a one year low of $16.80 and a one year high of $29.76. The company has a 50 day moving average price of $19.58 and a 200-day moving average price of $22.99.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The firm had revenue of $579 million for the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The company’s revenue was up 198.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.58) earnings per share. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.48%. Patterson-UTI Energy’s payout ratio is presently -4.06%.

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Several analysts have weighed in on the company. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday. UBS AG reaffirmed a “buy” rating and set a $25.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Jefferies Group LLC set a $26.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, July 29th. Capital One Financial Corporation downgraded Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 27th. Finally, Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $27.38.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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

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