Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Position Lessened by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 39.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 221,495 shares of the oil and gas company's stock after selling 142,041 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.06% of Patterson-UTI Energy worth $1,830,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. grew its holdings in shares of Patterson-UTI Energy by 10.6% during the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock worth $182,518,000 after purchasing an additional 2,123,659 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 89.1% during the 4th 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 purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP grew its holdings in shares of Patterson-UTI Energy by 421.0% during the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after purchasing an additional 8,254,137 shares during the period. American Century Companies Inc. boosted its holdings in Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after acquiring an additional 1,144,094 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Patterson-UTI Energy by 31.2% in the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock worth $60,477,000 after acquiring an additional 1,743,241 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of 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 represents a 1.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Carl Stewart sold 5,500 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director now directly owns 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Down 0.4%

Shares of Patterson-UTI Energy stock traded down $0.03 on Wednesday, hitting $5.76. 1,989,989 shares of the company's stock traded hands, compared to its average volume of 9,559,995. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.22 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 firm's 50-day moving average is $6.36 and its 200 day moving average is $7.60.

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 business had revenue of $1.28 billion for the quarter, compared to analyst estimates 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 business's revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PTEN shares. Susquehanna decreased their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday, April 14th. Barclays decreased their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. 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 report on Tuesday, April 15th. Morgan Stanley decreased their price target 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. Finally, Citigroup restated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.82.

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.