Teachers Retirement System of The State of Kentucky Has $1.35 Million Holdings in Patterson-UTI Energy, Inc. (PTEN)
Teachers Retirement System of The State of Kentucky decreased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 36.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,783 shares of the oil and gas company’s stock after selling 39,039 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Patterson-UTI Energy were worth $1,349,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Madden Advisory Services Inc. acquired a new position in Patterson-UTI Energy in the second quarter valued at about $236,000. Hancock Holding Co. lifted its stake in Patterson-UTI Energy by 2.1% in the second quarter. Hancock Holding Co. now owns 480,503 shares of the oil and gas company’s stock valued at $9,701,000 after buying an additional 9,862 shares during the period. Axar Capital Management L.P. acquired a new position in Patterson-UTI Energy in the second quarter valued at about $59,956,000. Renaissance Technologies LLC lifted its stake in Patterson-UTI Energy by 41.8% in the second quarter. Renaissance Technologies LLC now owns 1,395,238 shares of the oil and gas company’s stock valued at $28,170,000 after buying an additional 411,040 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in Patterson-UTI Energy by 1.3% in the second quarter. Parametric Portfolio Associates LLC now owns 390,835 shares of the oil and gas company’s stock valued at $7,891,000 after buying an additional 4,926 shares during the period. 98.56% of the stock is currently owned by hedge funds and other institutional investors.
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Several equities analysts have weighed in on the company. UBS AG reissued a “buy” rating and issued 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. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Citigroup Inc. set a $24.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday. Finally, J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.14.
Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at 20.75 on Friday. The company’s market capitalization is $4.39 billion. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $29.76. The firm has a 50-day moving average price of $18.16 and a 200-day moving average price of $20.39.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly 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. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same period in the prior year, the business earned ($0.58) EPS. The firm’s revenue for the quarter was up 198.5% on a year-over-year basis. On average, analysts forecast that Patterson-UTI Energy, Inc. will post ($0.91) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, September 7th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date was Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -4.06%.
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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