Patterson-UTI Energy, Inc. $PTEN Stock: State of Alaska Department of Revenue Lowers Stake

State of Alaska Department of Revenue cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 40.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC purchased a new position in shares of Patterson-UTI Energy during the third quarter worth approximately $115,000. GAMMA Investing LLC grew its holdings in Patterson-UTI Energy by 24.5% during the 3rd quarter. GAMMA Investing LLC now owns 19,939 shares of the oil and gas company’s stock worth $218,000 after acquiring an additional 3,928 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Patterson-UTI Energy by 39.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,732 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in Patterson-UTI Energy by 107.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 22,147 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 11,458 shares during the period. Finally, Tidal Investments LLC increased its holdings in Patterson-UTI Energy by 11.5% during the second quarter. Tidal Investments LLC now owns 166,271 shares of the oil and gas company’s stock valued at $1,526,000 after buying an additional 17,189 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PTEN shares. Barclays boosted their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. 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 research report on Friday, July 31st. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Susquehanna raised their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research note on Monday, August 3rd. Finally, Citigroup cut their price target on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.14.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $11.34 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.24 and a fifty-two week high of $13.39. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -49.30 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The stock’s 50-day simple moving average is $11.84 and its 200-day simple moving average is $11.10.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.10 dividend. 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 dividend payout ratio (DPR) is presently -173.91%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was 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 in the company, valued at approximately $5,158,420.50. This represents a 22.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,027,000 shares of company stock valued at $12,698,780. Company insiders own 2.20% of the company’s stock.

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.