Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,346 shares of the oil and gas company’s stock after selling 2,107 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Patterson-UTI Energy were worth $1,521,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTEN. Capstone Asset Management Co. increased its holdings in Patterson-UTI Energy by 7.3% in the 1st quarter. Capstone Asset Management Co. now owns 13,494 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 920 shares in the last quarter. Nationwide Fund Advisors increased its holdings in Patterson-UTI Energy by 4.1% in the 1st quarter. Nationwide Fund Advisors now owns 336,211 shares of the oil and gas company’s stock valued at $8,160,000 after purchasing an additional 13,091 shares in the last quarter. ProShare Advisors LLC increased its holdings in Patterson-UTI Energy by 6.8% in the 1st quarter. ProShare Advisors LLC now owns 28,449 shares of the oil and gas company’s stock valued at $690,000 after purchasing an additional 1,818 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Patterson-UTI Energy by 14.0% in the 1st quarter. Russell Investments Group Ltd. now owns 199,723 shares of the oil and gas company’s stock valued at $4,847,000 after purchasing an additional 24,511 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Patterson-UTI Energy by 12.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 57,397 shares of the oil and gas company’s stock valued at $1,393,000 after purchasing an additional 6,375 shares in the last quarter. Hedge funds and other institutional investors own 98.57% of the company’s stock.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded up 1.14% on Friday, reaching $18.66. 11,951,336 shares of the company’s stock traded hands. The firm’s market capitalization is $3.95 billion. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $29.76. The firm’s 50 day moving average price is $17.11 and its 200 day moving average price is $21.04.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The firm had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the prior year, the firm earned ($0.58) earnings per share. The business’s quarterly revenue was up 198.5% on a year-over-year basis. On average, analysts predict that Patterson-UTI Energy, Inc. will post ($0.92) EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is -4.06%.

Several brokerages have recently weighed in on PTEN. Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. J P Morgan Chase & Co upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price for the company in a research note on Tuesday, September 5th. Societe Generale began coverage on Patterson-UTI Energy in a research note on Thursday, August 31st. They set a “buy” rating and a $22.00 target price for the company. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Finally, BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $27.36.

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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.

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

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