Wealth Enhancement Advisory Services LLC Buys 41,418 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 199.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,188 shares of the oil and gas company's stock after purchasing an additional 41,418 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Patterson-UTI Energy were worth $511,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. grew its stake 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 acquiring an additional 7,989,877 shares in the last quarter. Norges Bank bought a new position in shares of Patterson-UTI Energy in the fourth quarter valued at $52,817,000. Freestone Grove Partners LP bought a new position in shares of Patterson-UTI Energy in the fourth quarter valued at $14,403,000. Sourcerock Group LLC bought a new position in shares of Patterson-UTI Energy in the fourth quarter valued at $14,240,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Patterson-UTI Energy by 693.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock valued at $16,105,000 after buying an additional 1,704,087 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.43 on Tuesday, hitting $6.60. 11,796,932 shares of the stock were exchanged, compared to its average volume of 10,148,725. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.55 billion, a PE ratio of -2.54 and a beta of 1.32. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.27. The firm's 50 day moving average is $5.98 and its two-hundred day moving average is $7.19.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the firm posted $0.15 EPS. The firm's quarterly revenue was down 15.2% on a year-over-year basis. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.08 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.85%. Patterson-UTI Energy's payout ratio is currently -12.31%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PTEN shares. Citigroup reissued a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Stifel Nicolaus dropped 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. Susquehanna dropped their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Finally, Barclays reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of "Hold" and an average price target of $9.50.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the firm'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 sale, the director owned 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 SEC, which is available at this link. 2.30% of the stock is currently owned by insiders.

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.