Texas Permanent School Fund Corp Grows Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Texas Permanent School Fund Corp lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,936 shares of the oil and gas company’s stock after buying an additional 19,731 shares during the period. Texas Permanent School Fund Corp owned approximately 0.08% of Patterson-UTI Energy worth $3,118,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Fortitude Family Office LLC increased its holdings in Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares during the period. Hexagon Capital Partners LLC increased its holdings in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the period. Lindbrook Capital LLC increased its holdings in Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy during the 4th quarter valued at about $40,000. Finally, CWM LLC increased its holdings in Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of research analyst reports. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Bank of America cut their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. ATB Capital cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Barclays cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $13.71.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $7.91 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $9.39 and its 200-day moving average price is $10.49. Patterson-UTI Energy, Inc. has a 52 week low of $7.60 and a 52 week high of $16.17. The stock has a market cap of $3.11 billion, a P/E ratio of 11.63 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.3 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. Patterson-UTI Energy’s payout ratio is currently 47.06%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.