New York State Common Retirement Fund Purchases 122,458 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New York State Common Retirement Fund lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) by 20.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 734,806 shares of the oil and gas company’s stock after buying an additional 122,458 shares during the quarter. New York State Common Retirement Fund owned approximately 0.35% of Patterson-UTI Energy worth $10,170,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Barclays PLC lifted its stake in shares of Patterson-UTI Energy by 60.4% during the 3rd quarter. Barclays PLC now owns 317,879 shares of the oil and gas company’s stock valued at $4,399,000 after buying an additional 119,686 shares in the last quarter. Arizona State Retirement System increased its holdings in Patterson-UTI Energy by 67.5% in the 3rd quarter. Arizona State Retirement System now owns 97,978 shares of the oil and gas company’s stock valued at $1,356,000 after acquiring an additional 39,487 shares during the last quarter. Great Valley Advisor Group Inc. bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at $212,000. Illinois Municipal Retirement Fund bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at $2,518,000. Finally, Los Angeles Capital Management LLC bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at $1,659,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Tiffany Thom Cepak sold 15,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $11.78, for a total value of $176,700.00. Following the completion of the sale, the director now directly owns 107,081 shares of the company’s stock, valued at approximately $1,261,414.18. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on PTEN shares. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, November 13th. Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. The Goldman Sachs Group assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 target price on the stock. TheStreet upgraded shares of Patterson-UTI Energy from a “c+” rating to a “b-” rating in a report on Thursday, October 26th. Finally, Raymond James reduced their target price on shares of Patterson-UTI Energy from $23.00 to $21.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.82.

Check Out Our Latest Stock Analysis on Patterson-UTI Energy

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $10.66 on Thursday. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 0.23 and a beta of 2.24. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $16.93. The firm’s 50-day moving average is $10.77 and its 200 day moving average is $12.78. The company has a current ratio of 1.37, a quick ratio of 1.19 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last issued its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.04). The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $978.20 million. Patterson-UTI Energy had a net margin of 8.49% and a return on equity of 14.08%. During the same quarter in the previous year, the company posted $0.28 earnings per share. Research analysts predict that Patterson-UTI Energy, Inc. will post 1.16 EPS for the current year.

About Patterson-UTI Energy

(Free Report)

Patterson-UTI Energy, Inc, through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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

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