Strs Ohio Purchases New Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Strs Ohio bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,500,000 shares of the oil and gas company’s stock, valued at approximately $30,285,000. Strs Ohio owned approximately 0.91% of Patterson-UTI Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. raised its position in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock valued at $262,000 after buying an additional 754 shares in the last quarter. First Mercantile Trust Co. acquired a new position in shares of Patterson-UTI Energy during the first quarter valued at about $263,000. Timber Hill LLC acquired a new position in shares of Patterson-UTI Energy during the first quarter valued at about $269,000. Finally, Capstone Asset Management Co. raised its position in shares of Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after buying an additional 460 shares in the last quarter. 86.12% of the stock is currently owned by institutional investors.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 15.63 on Friday. The stock’s market cap is $3.31 billion. Patterson-UTI Energy, Inc. has a 52-week low of $15.25 and a 52-week high of $29.76. The stock has a 50 day moving average price of $19.00 and a 200 day moving average price of $22.57.

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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm had revenue of $579 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter in the prior year, the company earned ($0.58) EPS. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. On average, equities research analysts forecast 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. Investors of record on Thursday, September 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Wednesday, September 6th. Patterson-UTI Energy’s payout ratio is currently -4.06%.

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Several research analysts recently issued reports on the company. Deutsche Bank AG reduced their target price on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating on the stock in a research report on Friday, April 28th. UBS AG reaffirmed a “buy” rating and set a $25.00 target price (down from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Evercore ISI reissued an “outperform” rating and issued a $35.00 price objective on shares of Patterson-UTI Energy in a report on Tuesday, June 6th. Finally, Capital One Financial Corporation raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a report on Monday, May 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. Patterson-UTI Energy presently has an average rating of “Hold” and an average price target of $27.78.

Patterson-UTI Energy Company 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.

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

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