J. Goldman & Co LP Purchases New Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

J. Goldman & Co LP acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 151,900 shares of the oil and gas company's stock, valued at approximately $1,255,000.

A number of other institutional investors have also recently made changes to their positions in PTEN. ARGA Investment Management LP grew its holdings in shares of Patterson-UTI Energy by 421.0% in 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 purchasing an additional 8,254,137 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. Norges Bank acquired a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $52,817,000. Pacer Advisors Inc. grew its holdings in shares of Patterson-UTI Energy by 10.6% in the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock valued at $182,518,000 after purchasing an additional 2,123,659 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new position in Patterson-UTI Energy during the 4th quarter worth approximately $14,403,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director now owns 999,754 shares of the company's stock, 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 quarter, insiders sold 283,649 shares of company stock worth $2,434,856. Corporate insiders own 2.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on PTEN shares. Barclays lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. The Goldman Sachs Group lowered 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 report on Thursday, April 10th. Stifel Nicolaus lowered 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 lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.32.

Patterson-UTI Energy Stock Down 2.5%

Shares of Patterson-UTI Energy stock traded down $0.16 during trading hours on Thursday, hitting $6.12. The company had a trading volume of 8,955,430 shares, compared to its average volume of 9,336,547. The company's 50-day moving average is $6.74 and its two-hundred day moving average is $7.73. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. 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 company has a market cap of $2.36 billion, a P/E ratio of -2.48 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results 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. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the business posted $0.15 EPS. The company's revenue for the quarter was down 15.2% on a year-over-year basis. Analysts anticipate 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 issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.23%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

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.