Aristotle Capital Boston LLC Sells 243,740 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Aristotle Capital Boston LLC reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 12.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,662,018 shares of the oil and gas company's stock after selling 243,740 shares during the period. Aristotle Capital Boston LLC owned 0.43% of Patterson-UTI Energy worth $13,728,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Gallagher Fiduciary Advisors LLC grew its stake in Patterson-UTI Energy by 13.2% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock valued at $123,000 after acquiring an additional 1,731 shares during the period. Jane Street Group LLC raised its stake in shares of Patterson-UTI Energy by 125.2% during the 4th quarter. Jane Street Group LLC now owns 283,096 shares of the oil and gas company's stock worth $2,338,000 after purchasing an additional 1,404,307 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $14,403,000. Comerica Bank raised its stake in Patterson-UTI Energy by 21.0% in the fourth quarter. Comerica Bank now owns 383,281 shares of the oil and gas company's stock valued at $3,166,000 after buying an additional 66,433 shares during the period. Finally, Gallo Partners LP bought a new position in Patterson-UTI Energy during the fourth quarter worth $800,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded down $0.06 during trading on Tuesday, hitting $5.54. The company's stock had a trading volume of 15,463,974 shares, compared to its average volume of 9,138,728. The business has a fifty day moving average of $6.97 and a 200-day moving average of $7.82. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.70. The company has a market cap of $2.14 billion, a PE ratio of -2.24 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. Patterson-UTI Energy's quarterly revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 EPS. As a group, research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is currently -12.31%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares of the company's stock, valued at $634,224.50. The trade was 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 research firms have weighed in on PTEN. The Goldman Sachs Group lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Morgan Stanley dropped their price objective on shares of 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. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, April 14th. 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. Finally, Barclays decreased 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 note on Monday, April 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and an average price target of $10.32.

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.