297,592 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Capstone Investment Advisors LLC

Capstone Investment Advisors LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 297,592 shares of the oil and gas company's stock, valued at approximately $2,458,000. Capstone Investment Advisors LLC owned 0.08% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PTEN. Atria Investments Inc boosted its stake in shares of Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after buying an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in 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 purchasing an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in Patterson-UTI Energy by 10.1% in 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 purchasing an additional 1,436 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after purchasing an additional 1,596 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 43.5% during 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 in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Patterson-UTI Energy 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 owns 85,475 shares in the company, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction dated 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 acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Up 2.9 %

Shares of NASDAQ:PTEN opened at $6.03 on Monday. The business's 50 day simple moving average is $7.01 and its 200 day simple moving average is $7.84. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company has a market capitalization of $2.33 billion, a P/E ratio of -2.44 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy's quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. On average, research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Morgan Stanley reduced their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Susquehanna reduced their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Finally, Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.32.

About Patterson-UTI Energy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.