Teachers Retirement System of The State of Kentucky reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 41.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,960 shares of the oil and gas company’s stock after selling 27,823 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Patterson-UTI Energy were worth $896,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Teton Advisors Inc. grew its stake in shares of Patterson-UTI Energy by 2.7% in the 4th quarter. Teton Advisors Inc. now owns 84,839 shares of the oil and gas company’s stock valued at $1,952,000 after buying an additional 2,193 shares during the period. Eqis Capital Management Inc. lifted its position in Patterson-UTI Energy by 12.4% in the 4th quarter. Eqis Capital Management Inc. now owns 20,497 shares of the oil and gas company’s stock valued at $472,000 after acquiring an additional 2,265 shares in the last quarter. California State Teachers Retirement System lifted its position in Patterson-UTI Energy by 0.8% in the 4th quarter. California State Teachers Retirement System now owns 359,071 shares of the oil and gas company’s stock valued at $8,262,000 after acquiring an additional 2,977 shares in the last quarter. Pacer Advisors Inc. lifted its position in Patterson-UTI Energy by 11.6% in the 3rd quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock valued at $709,000 after acquiring an additional 3,522 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Patterson-UTI Energy by 2.0% during the 4th quarter. First Trust Advisors LP now owns 267,291 shares of the oil and gas company’s stock worth $6,150,000 after buying an additional 5,232 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.

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A number of research firms recently weighed in on PTEN. SunTrust Banks lifted their price objective on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Jefferies Group set a $25.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. BMO Capital Markets upgraded shares of Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research report on Wednesday, February 14th. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Cowen reiterated a “market perform” rating and issued a $23.00 target price (down from $30.00) on shares of Patterson-UTI Energy in a research report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty have issued a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of “Buy” and an average target price of $26.00.

In other news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at $18.91 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $14.83 and a 52-week high of $25.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.37 and a quick ratio of 1.24.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The business had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. During the same quarter in the previous year, the business posted ($0.53) earnings per share. The firm’s revenue was up 218.9% on a year-over-year basis. analysts expect that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were given a $0.02 dividend. The ex-dividend date was Wednesday, March 7th. This represents a $0.08 annualized dividend and a yield of 0.42%. Patterson-UTI Energy’s payout ratio is presently -57.14%.

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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.

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

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