Point72 Asset Management L.P. Sells 1,567,438 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 45.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,844,659 shares of the oil and gas company's stock after selling 1,567,438 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.47% of Patterson-UTI Energy worth $15,237,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Atria Investments Inc boosted its stake in Patterson-UTI Energy by 3.7% in the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after purchasing an additional 1,252 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Patterson-UTI Energy by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock worth $130,000 after buying an additional 1,436 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock valued at $336,000 after buying an additional 1,596 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after buying an additional 1,717 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director now directly owns 999,754 shares of the company's stock, valued at $5,978,528.92. This represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently 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 reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report 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 report on Monday, April 28th. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.82.

Patterson-UTI Energy Stock Down 0.8%

Shares of PTEN traded down $0.05 during mid-day trading on Friday, hitting $5.65. 4,434,101 shares of the company's stock were exchanged, compared to its average volume of 9,490,603. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -2.29 and a beta of 1.33. The firm has a fifty day moving average of $6.51 and a two-hundred day moving average of $7.66. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.27.

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 EPS for the quarter, topping the consensus estimate 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 firm 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. The business's quarterly revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

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.