450,000 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Acquired by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 450,000 shares of the oil and gas company's stock, valued at approximately $3,717,000. Lighthouse Investment Partners LLC owned 0.12% of Patterson-UTI Energy as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Patterson-UTI Energy by 1,443.0% during 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 buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $39,000. Smartleaf Asset Management LLC raised its stake in Patterson-UTI Energy by 43.5% in 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 buying an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after acquiring an additional 1,358 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

PTEN opened at $6.32 on Tuesday. The firm has a fifty day moving average price of $6.78 and a 200 day moving average price of $7.75. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The stock has a market cap of $2.44 billion, a P/E ratio of -2.56 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

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

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.06%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is presently -12.31%.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the stock in a transaction 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PTEN shares. Morgan Stanley cut their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. Susquehanna cut their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Barclays dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price target 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.

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