New York State Common Retirement Fund Has $14.85 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New York State Common Retirement Fund decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 30.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,941,664 shares of the oil and gas company’s stock after selling 860,709 shares during the quarter. New York State Common Retirement Fund owned approximately 0.49% of Patterson-UTI Energy worth $14,854,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC boosted its holdings 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 during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Patterson-UTI Energy during the first quarter worth $56,000. CWM LLC boosted its holdings in Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Citigroup reduced their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Bank of America cut their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. ATB Capital cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $7.69 on Wednesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.10. The firm has a market capitalization of $3.00 billion, a PE ratio of -3.50 and a beta of 2.12. The company’s 50-day moving average is $8.17 and its 200-day moving average is $9.54. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is -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.