Brevan Howard Capital Management LP Raises Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Brevan Howard Capital Management LP grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 436.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,763 shares of the oil and gas company's stock after acquiring an additional 131,624 shares during the quarter. Brevan Howard Capital Management LP's holdings in Patterson-UTI Energy were worth $1,336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised 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 worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at approximately $39,000. Smartleaf Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after acquiring an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake 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 worth $47,000 after acquiring an additional 1,358 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PTEN. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Susquehanna dropped their target price 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. Barclays reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. 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. Finally, Morgan Stanley cut their target price 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and an average price target of $10.32.

Patterson-UTI Energy Stock Up 0.5 %

PTEN opened at $5.57 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The company has a market cap of $2.15 billion, a PE ratio of -2.26 and a beta of 1.33. The company has a 50-day moving average price of $6.86 and a 200 day moving average price of $7.79.

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 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 for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $0.15 EPS. The business's revenue was down 15.2% on a year-over-year basis. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced 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. This represents a $0.32 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction on 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 completion of the transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now 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 disclosure for this purchase can be found here. 2.30% of the stock is currently owned by company insiders.

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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