Aquatic Capital Management LLC Trims Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Aquatic Capital Management LLC trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 35.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 253,046 shares of the oil and gas company's stock after selling 136,454 shares during the quarter. Aquatic Capital Management LLC owned about 0.07% of Patterson-UTI Energy worth $2,090,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of 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. increased its position 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 valued at $29,000 after buying an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at about $39,000. Smartleaf Asset Management LLC boosted its holdings 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 worth $46,000 after acquiring an additional 1,717 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake 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 worth $47,000 after acquiring an additional 1,358 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded up $0.22 on Thursday, reaching $5.86. The company's stock had a trading volume of 16,252,407 shares, compared to its average volume of 9,087,719. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $2.26 billion, a P/E ratio of -2.37 and a beta of 1.60. The stock has a 50-day moving average price of $7.05 and a 200-day moving average price of $7.86. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted 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 company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the prior year, the business posted $0.15 earnings per share. The firm's revenue for the quarter was down 15.2% on a year-over-year basis. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.46%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.31%.

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. acquired 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 completion of the purchase, the chief executive officer now 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. Susquehanna dropped their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Morgan Stanley dropped 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. Barclays reduced their price target 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. 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, Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.88.

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.