By otakuyassine3@gmail.com 
Invesco Ltd. increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 27.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,208,086 shares of the oil and gas company’s stock after acquiring an additional 1,351,001 shares during the quarter. Invesco Ltd.’s holdings in Patterson-UTI Energy were worth $51,279,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $39,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Patterson-UTI Energy by 31.4% during 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 buying an additional 1,358 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.
Patterson-UTI Energy Price Performance
PTEN stock opened at $5.79 on Wednesday. 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 company’s fifty day moving average price is $7.75 and its 200-day moving average price is $8.04. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.70. The company has a market capitalization of $2.24 billion, a PE ratio of -2.34 and a beta of 1.60.
Patterson-UTI Energy Announces Dividend
The company also recently disclosed 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 5.53%. Patterson-UTI Energy’s payout ratio is -12.96%.
Insider Activity
In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on PTEN. Susquehanna decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley decreased their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Finally, The Goldman Sachs Group dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.21.
Check Out Our Latest Stock Analysis on PTEN
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.
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