California Public Employees Retirement System decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 464,763 shares of the oil and gas company’s stock after selling 48,143 shares during the period. California Public Employees Retirement System owned 0.21% of Patterson-UTI Energy worth $8,138,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millennium Management LLC grew its holdings in shares of Patterson-UTI Energy by 601.6% during the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after buying an additional 3,480,569 shares during the last quarter. Ceredex Value Advisors LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $35,661,000. BlackRock Inc. grew its holdings in shares of Patterson-UTI Energy by 10.4% during the fourth quarter. BlackRock Inc. now owns 20,590,666 shares of the oil and gas company’s stock valued at $473,793,000 after buying an additional 1,941,119 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Patterson-UTI Energy by 195.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,461,770 shares of the oil and gas company’s stock valued at $43,106,000 after buying an additional 1,629,282 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Patterson-UTI Energy by 8.4% during the first quarter. Wells Fargo & Company MN now owns 9,852,059 shares of the oil and gas company’s stock valued at $172,509,000 after buying an additional 763,411 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy opened at $17.92 on Wednesday, according to Marketbeat. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a 1-year low of $14.83 and a 1-year high of $25.03. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -22.40 and a beta of 1.19.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The business had revenue of $809.16 million during the quarter, compared to the consensus estimate of $793.39 million. During the same quarter in the previous year, the business posted ($0.40) earnings per share. The firm’s revenue was up 165.1% on a year-over-year basis. equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.08 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th will be given a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, June 6th. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a $0.16 annualized dividend and a yield of 0.89%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.

PTEN has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. BidaskClub upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, February 24th. ValuEngine cut shares of Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Monday, April 2nd. Wolfe Research upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating in a report on Thursday, April 12th. Finally, Cowen upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $23.00 to $26.00 in a report on Friday, April 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $25.38.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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

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