Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Decreased by Rhumbline Advisers

Rhumbline Advisers lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 30.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,152,460 shares of the oil and gas company's stock after selling 501,033 shares during the period. Rhumbline Advisers owned about 0.30% of Patterson-UTI Energy worth $9,473,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Patterson-UTI Energy by 1,443.0% in the fourth 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 in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Patterson-UTI Energy during the 4th quarter valued at approximately $42,000. Smartleaf Asset Management LLC grew its stake in 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 valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in Patterson-UTI Energy in the 4th quarter worth approximately $85,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

PTEN has been the topic of several analyst reports. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Citigroup reiterated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Barclays decreased their price target 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. Finally, Susquehanna cut their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.50.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.40% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Up 2.8%

Shares of NASDAQ:PTEN traded up $0.18 during midday trading on Friday, hitting $6.53. 16,459,296 shares of the company's stock traded hands, compared to its average volume of 9,920,217. 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, Inc. has a twelve month low of $5.12 and a twelve month high of $11.27. The company has a market cap of $2.52 billion, a PE ratio of -2.64 and a beta of 1.31. The firm's fifty day moving average price is $5.88 and its two-hundred day moving average price is $7.40.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released 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 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 analysts' expectations of $1.18 billion. During the same quarter in the prior year, the business earned $0.15 EPS. Patterson-UTI Energy's quarterly revenue was down 15.2% compared to the same quarter last year. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.90%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio 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.