189,067 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 189,067 shares of the oil and gas company's stock, valued at approximately $1,554,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Atria Investments Inc raised its holdings in shares of Patterson-UTI Energy by 3.7% in the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock valued at $288,000 after purchasing an additional 1,252 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Patterson-UTI Energy by 10.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock valued at $130,000 after buying an additional 1,436 shares during the period. Summit Investment Advisors Inc. raised its stake in Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after buying an additional 1,596 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after buying an additional 1,717 shares during the period. Finally, Gallagher Fiduciary Advisors LLC boosted its position in Patterson-UTI Energy by 13.2% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock valued at $123,000 after acquiring an additional 1,731 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, the director directly owned 999,754 shares of the company's stock, valued at $5,978,528.92. This represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.40% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.04 during mid-day trading on Friday, hitting $6.31. The stock had a trading volume of 4,256,292 shares, compared to its average volume of 10,111,008. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The company has a 50 day moving average of $5.97 and a two-hundred day moving average of $7.20. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.27. The firm has a market cap of $2.44 billion, a PE ratio of -2.43 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the business earned $0.15 EPS. The company's quarterly revenue was down 15.2% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.07%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Analysts Set New Price Targets

PTEN has been the subject of a number of analyst reports. Citigroup restated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. The Goldman Sachs Group cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Barclays decreased their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $9.50.

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.