Graham Capital Management L.P. Grows Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Graham Capital Management L.P. lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 217.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 265,958 shares of the oil and gas company's stock after buying an additional 182,170 shares during the period. Graham Capital Management L.P. owned approximately 0.07% of Patterson-UTI Energy worth $2,197,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Patterson-UTI Energy by 1,443.0% in the 4th 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 during the last quarter. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy during the fourth quarter valued at about $39,000. Smartleaf Asset Management LLC grew its position in shares of 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 acquiring an additional 1,717 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after purchasing an additional 1,358 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the transaction, the director now 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 283,649 shares of company stock valued at $2,434,856. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN traded down $0.16 during trading hours on Thursday, hitting $6.12. 8,955,430 shares of the company were exchanged, compared to its average volume of 9,336,547. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70. The company's 50 day moving average price is $6.74 and its 200-day moving average price is $7.73. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -2.48 and a beta of 1.33.

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, beating the consensus estimate of ($0.04) by $0.04. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations 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 for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 EPS. As a group, 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 firm also recently declared 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. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.23%. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. 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. 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 report on Monday, April 28th. The Goldman Sachs Group cut their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Susquehanna lowered their target price 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. Finally, Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and an average price target of $10.32.

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.