Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Holdings Decreased by Man Group plc

Man Group plc decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 57.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 542,774 shares of the oil and gas company's stock after selling 731,604 shares during the quarter. Man Group plc owned 0.14% of Patterson-UTI Energy worth $4,483,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PTEN. ARGA Investment Management LP grew its holdings 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 valued at $84,375,000 after buying an additional 8,254,137 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings 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 valued at $140,046,000 after buying an additional 7,989,877 shares in the last quarter. Norges Bank purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at $52,817,000. Pacer Advisors Inc. grew its holdings 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 valued at $182,518,000 after buying an additional 2,123,659 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at $14,403,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Morgan Stanley lowered their price target 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. Susquehanna lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group lowered their target price 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. Citigroup restated a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday. Finally, Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $9.82.

Patterson-UTI Energy Stock Down 4.3%

PTEN opened at $5.59 on Thursday. The business has a 50 day moving average price of $6.56 and a 200 day moving average price of $7.67. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.38. 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 firm has a market cap of $2.16 billion, a P/E ratio of -2.26 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company earned $0.15 EPS. The company's revenue for the quarter was down 15.2% on a year-over-year basis. Research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.72%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction dated 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 of the company's stock, valued at $19,562,824.96. This trade 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.

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.

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