New York State Common Retirement Fund Has $14.85 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New York State Common Retirement Fund trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 30.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,941,664 shares of the oil and gas company's stock after selling 860,709 shares during the period. New York State Common Retirement Fund owned about 0.49% of Patterson-UTI Energy worth $14,854,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. US Bancorp DE raised its stake in shares of Patterson-UTI Energy by 355.4% in the 3rd quarter. US Bancorp DE now owns 101,167 shares of the oil and gas company's stock valued at $774,000 after purchasing an additional 78,950 shares during the period. Bernzott Capital Advisors grew its holdings in shares of Patterson-UTI Energy by 26.8% during the third quarter. Bernzott Capital Advisors now owns 845,639 shares of the oil and gas company's stock worth $6,469,000 after buying an additional 178,703 shares in the last quarter. Canoe Financial LP raised its position in Patterson-UTI Energy by 15,942.1% in the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company's stock valued at $11,850,000 after buying an additional 1,514,500 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Patterson-UTI Energy by 12.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 204,108 shares of the oil and gas company's stock valued at $1,561,000 after acquiring an additional 22,506 shares in the last quarter. Finally, Clear Harbor Asset Management LLC boosted its position in Patterson-UTI Energy by 8.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 73,917 shares of the oil and gas company's stock worth $565,000 after acquiring an additional 5,622 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded up $0.81 on Wednesday, reaching $8.50. The stock had a trading volume of 16,817,212 shares, compared to its average volume of 7,229,460. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The company has a market cap of $3.31 billion, a P/E ratio of -3.90 and a beta of 2.12. The firm has a fifty day moving average of $8.14 and a two-hundred day moving average of $9.51.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is currently -14.61%.

Analysts Set New Price Targets

PTEN has been the subject of a number of analyst reports. Raymond James decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating for the company in a research report on Friday, October 25th. Piper Sandler dropped their target price 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. Citigroup decreased their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Morgan Stanley lowered 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 report on Monday, September 16th. Finally, Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, October 11th. One research 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.88.

Patterson-UTI Energy Company 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.