Teacher Retirement System of Texas Invests $132,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Teacher Retirement System of Texas purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,029 shares of the oil and gas company’s stock, valued at approximately $132,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares during the last quarter. Kestra Investment Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at $85,000. Finally, Quantinno Capital Management LP purchased a new stake in Patterson-UTI Energy in the third quarter worth $97,000. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company’s stock, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

PTEN stock opened at $8.56 on Thursday. The firm has a 50 day moving average of $8.28 and a 200-day moving average of $8.21. The firm has a market capitalization of $3.31 billion, a P/E ratio of -3.47 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.74%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Morgan Stanley lowered their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.54.

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.