By otakuyassine3@gmail.com 
Arizona State Retirement System cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 1.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 108,304 shares of the oil and gas company’s stock after selling 1,579 shares during the period. Arizona State Retirement System’s holdings in Patterson-UTI Energy were worth $895,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atria Investments Inc lifted its stake in 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 buying an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,358 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 1,501 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in 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 valued at $46,000 after buying an additional 1,717 shares in the last quarter. Finally, KBC Group NV lifted its stake in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after buying an additional 1,723 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on PTEN. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $11.63.
Read Our Latest Stock Report on PTEN
Patterson-UTI Energy Stock Down 2.9 %
PTEN stock opened at $7.61 on Friday. The firm has a market cap of $2.94 billion, a PE ratio of -3.08 and a beta of 1.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The firm’s 50 day moving average price is $8.46 and its 200-day moving average price is $8.24. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65.
Patterson-UTI Energy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s payout ratio is presently -12.96%.
Insider Activity
In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 358,149 shares of company stock valued at $2,990,766. 2.30% of the stock is currently owned by company insiders.
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.
See Also
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