State of New Jersey Common Pension Fund D Has $1.83 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State of New Jersey Common Pension Fund D decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 27.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 176,122 shares of the oil and gas company’s stock after selling 65,482 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Patterson-UTI Energy were worth $1,825,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PTEN. AdvisorShares Investments LLC acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $441,000. Texas Permanent School Fund Corp raised its holdings in shares of Patterson-UTI Energy by 7.0% in the 2nd quarter. Texas Permanent School Fund Corp now owns 300,936 shares of the oil and gas company’s stock worth $3,118,000 after buying an additional 19,731 shares in the last quarter. Choreo LLC acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $485,000. Kornitzer Capital Management Inc. KS acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $2,906,000. Finally, Mesirow Institutional Investment Management Inc. acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $7,205,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.9 %

Patterson-UTI Energy stock opened at $8.53 on Tuesday. Patterson-UTI Energy, Inc. has a 52 week low of $7.60 and a 52 week high of $15.27. The stock has a market capitalization of $3.43 billion, a P/E ratio of 12.54 and a beta of 2.13. The stock has a 50-day simple moving average of $9.19 and a 200 day simple moving average of $10.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.41 billion. Analysts expect that Patterson-UTI Energy, Inc. will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PTEN. Bank of America dropped their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Piper Sandler dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Susquehanna dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. ATB Capital dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Finally, Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $13.13.

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.