Hara Capital LLC Sells 96,433 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hara Capital LLC trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 41.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,674 shares of the oil and gas company's stock after selling 96,433 shares during the period. Hara Capital LLC's holdings in Patterson-UTI Energy were worth $1,132,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Patterson-UTI Energy by 1,443.0% in 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 acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $42,000. Smartleaf Asset Management LLC raised its position in shares of Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after buying an additional 1,717 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock valued at $59,000 after acquiring an additional 2,153 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related 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 transaction of $32,890.00. Following the transaction, the director owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PTEN shares. The Goldman Sachs Group decreased their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Barclays lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Morgan Stanley reduced their target price on shares of 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. Susquehanna reduced their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Finally, 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus target price of $9.50.

Patterson-UTI Energy Stock Down 0.1%

NASDAQ:PTEN traded down $0.01 on Friday, hitting $6.56. 3,725,018 shares of the company's stock traded hands, compared to its average volume of 11,996,598. 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 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.53 billion, a PE ratio of -2.52 and a beta of 1.32. The firm has a 50-day moving average price of $6.02 and a 200-day moving average price of $7.17.

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 for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the business posted $0.15 earnings per share. Patterson-UTI Energy's revenue for the quarter was down 15.2% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.88%. Patterson-UTI Energy's dividend payout ratio is -12.31%.

Patterson-UTI Energy 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.