iSAM Funds UK Ltd Purchases Shares of 107,231 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

iSAM Funds UK Ltd purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 107,231 shares of the oil and gas company's stock, valued at approximately $886,000.

Other hedge funds have also added to or reduced their stakes in the company. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake 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 buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 43.5% in 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 during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction 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 now owns 999,754 shares of the company's stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. 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 note on Monday, April 14th. The Goldman Sachs Group lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday. Stifel Nicolaus lowered 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 report on Tuesday, April 15th. Finally, Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $9.82.

Patterson-UTI Energy Trading Down 2.9%

Shares of PTEN stock opened at $5.93 on Tuesday. The company's fifty day simple moving average is $6.64 and its two-hundred day simple moving average is $7.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.40 and a beta of 1.33.

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 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the previous year, the firm posted $0.15 EPS. The business's revenue for the quarter was down 15.2% compared to the same quarter last year. As a group, analysts anticipate 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 dividend on an annualized basis and a dividend yield of 5.40%. Patterson-UTI Energy's dividend payout ratio (DPR) 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.

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