UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 9.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 834,275 shares of the oil and gas company's stock after acquiring an additional 73,184 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.21% of Patterson-UTI Energy worth $6,891,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PTEN. Fuller & Thaler Asset Management Inc. lifted its holdings in 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 buying an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its position in 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 acquiring an additional 8,254,137 shares during the last quarter. American Century Companies Inc. grew its holdings in Patterson-UTI Energy by 13.5% during 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. Van ECK Associates Corp boosted its position in shares of Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $52,817,000. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded down $0.01 during midday trading on Thursday, hitting $5.61. 2,154,744 shares of the company's stock were exchanged, compared to its average volume of 9,759,526. The company has a market cap of $2.16 billion, a P/E ratio of -2.27 and a beta of 1.33. 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 stock has a 50-day moving average price of $6.03 and a two-hundred day moving average price of $7.49. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (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 company 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 business earned $0.15 earnings per share. The firm's quarterly revenue was down 15.2% compared to the same quarter last year. On average, equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research reports. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Susquehanna cut their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Barclays dropped 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 report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price objective 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. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $9.50.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction that occurred 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 sale, the director now directly owns 999,754 shares in the company, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now directly 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 ownership of the stock. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by company insiders.

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.