Bayesian Capital Management LP Buys 71,100 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bayesian Capital Management LP increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 132.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,900 shares of the oil and gas company's stock after buying an additional 71,100 shares during the period. Bayesian Capital Management LP's holdings in Patterson-UTI Energy were worth $1,032,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of PTEN. WFA Asset Management Corp acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Patterson-UTI Energy by 1,443.0% during the fourth 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 during the period. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $39,000. 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 buying an additional 1,717 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of 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 valued at $47,000 after purchasing an additional 1,358 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Morgan Stanley cut 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. The Goldman Sachs Group cut 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. Susquehanna cut their price target on shares of 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. 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. Finally, Barclays cut their target price on 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.32.

Insider Buying and Selling

In related 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, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Trading Up 2.6 %

Shares of NASDAQ:PTEN traded up $0.15 during midday trading on Friday, reaching $5.99. The company had a trading volume of 10,508,839 shares, compared to its average volume of 9,208,827. 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 quick ratio of 1.34 and a current ratio of 1.54. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33. The company has a fifty day simple moving average of $6.80 and a two-hundred day simple moving average of $7.77.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share 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 revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 EPS. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

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.