Virginia Retirement Systems ET AL reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,614 shares of the oil and gas company’s stock after selling 6,803 shares during the quarter. Virginia Retirement Systems ET AL owned approximately 0.07% of Patterson-UTI Energy worth $3,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Patterson-UTI Energy by 22.8% in the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after buying an additional 3,115,388 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.5% in the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after acquiring an additional 1,660,164 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Patterson-UTI Energy by 6.6% in the third quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock worth $213,126,000 after acquiring an additional 630,350 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Patterson-UTI Energy by 39.4% in the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after acquiring an additional 2,224,128 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Patterson-UTI Energy by 31.5% in the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock worth $116,581,000 after acquiring an additional 1,335,098 shares during the period. 97.99% of the stock is owned by institutional investors and hedge funds.

A number of research firms have recently commented on PTEN. Jefferies Group set a $26.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Deutsche Bank began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price target for the company. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Wednesday, October 11th. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $25.00 price target (down from $33.00) on shares of Patterson-UTI Energy in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $26.71.

Shares of Patterson-UTI Energy, Inc. (PTEN) opened at $21.98 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $14.83 and a 52 week high of $29.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The firm’s quarterly revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.58) earnings per share. sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is -5.16%.

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Patterson-UTI Energy Profile

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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