Neo Ivy Capital Management Invests $364,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 44,088 shares of the oil and gas company's stock, valued at approximately $364,000.

Several other hedge funds have also recently added to or reduced their stakes in PTEN. Vise Technologies Inc. boosted its stake in Patterson-UTI Energy by 93.6% during the 4th quarter. Vise Technologies Inc. now owns 43,315 shares of the oil and gas company's stock worth $358,000 after purchasing an additional 20,945 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Patterson-UTI Energy by 9.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 834,275 shares of the oil and gas company's stock worth $6,891,000 after buying an additional 73,184 shares in the last quarter. iSAM Funds UK Ltd acquired a new position in Patterson-UTI Energy during the fourth quarter worth about $886,000. Sourcerock Group LLC purchased a new stake in Patterson-UTI Energy during the 4th quarter valued at about $14,240,000. Finally, Thomist Capital Management LP acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $3,500,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the transaction, the director now owns 999,754 shares of the company's stock, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired 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 owns 2,482,592 shares in the company, 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. Insiders own 2.30% of the company's stock.

Analyst Ratings Changes

PTEN has been the topic of several recent research reports. Citigroup restated a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. 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 note on Thursday, April 10th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Barclays reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Finally, Stifel Nicolaus dropped their price objective 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and a consensus price target of $9.58.

Patterson-UTI Energy Trading Down 2.9%

PTEN traded down $0.17 on Wednesday, hitting $5.61. The company had a trading volume of 14,306,951 shares, compared to its average volume of 9,601,919. The company's fifty day moving average price is $6.36 and its 200 day moving average price is $7.60. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.27. 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 firm has a market cap of $2.17 billion, a P/E ratio of -2.27 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business's revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 EPS. As a group, equities analysts expect 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 declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.70%. 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.