Sourcerock Group LLC Purchases Shares of 1,724,000 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sourcerock Group LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,724,000 shares of the oil and gas company's stock, valued at approximately $14,240,000. Patterson-UTI Energy accounts for 1.0% of Sourcerock Group LLC's holdings, making the stock its 20th biggest position. Sourcerock Group LLC owned approximately 0.44% of Patterson-UTI Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp grew its position in Patterson-UTI Energy by 4.1% during the fourth 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. Victory Capital Management Inc. grew its position in shares of Patterson-UTI Energy by 30.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock valued at $9,472,000 after purchasing an additional 265,714 shares during the period. Lighthouse Investment Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $3,717,000. Versor Investments LP grew its position in shares of Patterson-UTI Energy by 53.0% in the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company's stock valued at $1,453,000 after purchasing an additional 60,900 shares during the period. Finally, Ieq Capital LLC grew its position in shares of Patterson-UTI Energy by 262.6% in the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company's stock valued at $360,000 after purchasing an additional 31,589 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director now directly owns 999,754 shares of the company's stock, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PTEN. Barclays dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. The Goldman Sachs Group dropped their target price on shares of 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 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. Stifel Nicolaus decreased 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 research note on Tuesday, April 15th. Finally, Citigroup reissued a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $9.82.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded down $0.25 during midday trading on Wednesday, hitting $5.59. The company's stock had a trading volume of 16,825,882 shares, compared to its average volume of 9,475,702. The business's 50 day simple moving average is $6.56 and its 200 day simple moving average is $7.67. 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 company has a market cap of $2.16 billion, a P/E ratio of -2.26 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.38.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS 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 for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm earned $0.15 earnings per share. Patterson-UTI Energy's quarterly revenue was down 15.2% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current 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 5.72%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -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.