Patterson-UTI Energy, Inc. $PTEN Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 40.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,113 shares of the oil and gas company’s stock after selling 51,353 shares during the quarter. State of Alaska Department of Revenue’s holdings in Patterson-UTI Energy were worth $830,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PTEN. BlackRock Inc. purchased a new position in shares of Patterson-UTI Energy in the second quarter worth about $577,234,000. Dimensional Fund Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after purchasing an additional 934,766 shares during the period. Webs Creek Capital Management LP purchased a new stake in Patterson-UTI Energy in the second quarter valued at approximately $53,729,934. Finally, Bank of America Corp DE increased its holdings in Patterson-UTI Energy by 10.9% in the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock worth $52,581,000 after buying an additional 475,623 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of recent research reports. UBS Group started coverage on shares of Patterson-UTI Energy in a research report on Friday, October 2nd. They set a “neutral” rating and a $13.00 price target for the company. Weiss Ratings raised shares of Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Barclays increased their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Insider Activity

In related news, EVP Seth Wexler sold 120,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Stewart sold 207,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. Insiders sold 1,027,000 shares of company stock valued at $12,698,780 in the last quarter. Company insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Stock Down 2.9%

Shares of PTEN stock opened at $11.34 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.24 and a twelve month high of $13.39. The stock has a market cap of $4.32 billion, a P/E ratio of -49.30 and a beta of 0.77. The stock has a 50 day moving average of $11.84 and a 200 day moving average of $11.10. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is -173.91%.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.