Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Comerica Bank

Comerica Bank lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 21.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 383,281 shares of the oil and gas company's stock after acquiring an additional 66,433 shares during the period. Comerica Bank owned 0.10% of Patterson-UTI Energy worth $3,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PTEN. Gallo Partners LP acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at approximately $800,000. Voleon Capital Management LP acquired a new position in Patterson-UTI Energy during the fourth quarter valued at $158,000. AdvisorShares Investments LLC boosted its holdings in Patterson-UTI Energy by 20.8% in the fourth quarter. AdvisorShares Investments LLC now owns 60,887 shares of the oil and gas company's stock valued at $503,000 after purchasing an additional 10,500 shares during the last quarter. Lido Advisors LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $110,000. Finally, Northern Trust Corp lifted its holdings in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after buying an additional 170,417 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN stock traded up $0.08 during mid-day trading on Tuesday, reaching $6.40. The company's stock had a trading volume of 5,699,882 shares, compared to its average volume of 9,258,445. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The company's 50 day moving average is $6.78 and its two-hundred day moving average is $7.75. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.70. The stock has a market cap of $2.47 billion, a PE ratio of -2.59 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.04. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The business's revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 earnings per share. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS 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 issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy 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 sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. The trade was a 12.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction dated 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 sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented 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. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley dropped their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Barclays reduced their price objective 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, April 28th. Finally, Susquehanna dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.