Wedge Capital Management L L P NC Sells 84,813 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wedge Capital Management L L P NC cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 23.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 276,129 shares of the oil and gas company's stock after selling 84,813 shares during the period. Wedge Capital Management L L P NC owned 0.07% of Patterson-UTI Energy worth $2,270,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of 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 buying an additional 1,743,241 shares during the last quarter. Stanley Laman Group Ltd. grew its stake in shares of Patterson-UTI Energy by 1.0% in the fourth quarter. Stanley Laman Group Ltd. now owns 320,110 shares of the oil and gas company's stock worth $2,644,000 after acquiring an additional 3,288 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Patterson-UTI Energy by 1.4% during the fourth quarter. Rhumbline Advisers now owns 1,653,493 shares of the oil and gas company's stock valued at $13,658,000 after acquiring an additional 22,413 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in shares of Patterson-UTI Energy by 22.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company's stock valued at $2,138,000 after acquiring an additional 47,817 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Patterson-UTI Energy by 62.9% in the 4th quarter. CIBC Asset Management Inc now owns 36,394 shares of the oil and gas company's stock worth $301,000 after purchasing an additional 14,058 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded up $0.19 during trading hours on Wednesday, hitting $6.35. The company's stock had a trading volume of 13,375,102 shares, compared to its average volume of 9,861,575. The business has a 50 day moving average price of $5.86 and a two-hundred day moving average price of $7.42. The company has a market cap of $2.45 billion, a PE ratio of -2.57 and a beta of 1.31. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.27. 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 (NASDAQ:PTEN - Get Free Report) last released 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. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate 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 company's revenue was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. Analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders 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 5.04%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Barclays dropped their price objective on 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. Morgan Stanley decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Stifel Nicolaus decreased their price objective 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. Finally, JPMorgan Chase & Co. dropped their target price 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Hold" and an average target price of $9.50.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the transaction, the director now owns 999,754 shares in the company, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is owned by corporate 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.