New York State Teachers Retirement System Sells 12,067 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New York State Teachers Retirement System decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 351,513 shares of the oil and gas company’s stock after selling 12,067 shares during the quarter. New York State Teachers Retirement System owned 0.09% of Patterson-UTI Energy worth $2,689,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at $152,265,000. Deprince Race & Zollo Inc. raised its holdings in shares of Patterson-UTI Energy by 14.7% in the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after buying an additional 778,581 shares during the last quarter. American Century Companies Inc. lifted its position in Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares in the last quarter. Finally, Ninepoint Partners LP bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $51,800,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.40 on Friday. The stock has a market cap of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The stock’s 50-day moving average price is $8.11 and its two-hundred day moving average price is $9.50. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PTEN shares. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Citigroup decreased their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Profile

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.