Gotham Asset Management LLC Invests $720,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Gotham Asset Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 87,209 shares of the oil and gas company's stock, valued at approximately $720,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its position in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock worth $182,518,000 after buying an additional 2,123,659 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after buying an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its position in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after buying an additional 8,254,137 shares during the period. American Century Companies Inc. boosted its position in shares of Patterson-UTI Energy by 13.5% during the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after buying an additional 1,144,094 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock worth $60,477,000 after buying an additional 1,743,241 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy 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 transaction, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. The trade was a 36.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased 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 in the company, valued at approximately $19,562,824.96. This represents a 1.02% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded up $0.03 during trading on Friday, hitting $5.72. The company had a trading volume of 13,670,837 shares, compared to its average volume of 9,564,253. The company has a market cap of $2.21 billion, a P/E ratio of -2.32 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.27. The business's 50-day moving average is $6.47 and its 200 day moving average is $7.64. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion for 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 firm's revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.15 earnings per share. Equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.59%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTEN. Barclays reduced their price objective 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. Susquehanna reduced their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, April 14th. Citigroup reiterated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Morgan Stanley dropped their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $9.82.

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.