Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Position Increased by Phocas Financial Corp.

Phocas Financial Corp. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 592,233 shares of the oil and gas company's stock after buying an additional 123,633 shares during the period. Phocas Financial Corp. owned 0.14% of Patterson-UTI Energy worth $6,396,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PTEN. Citigroup Inc. boosted its holdings in shares of Patterson-UTI Energy by 2.2% in the 1st quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company's stock valued at $3,283,000 after buying an additional 4,464 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in Patterson-UTI Energy in the 1st quarter valued at $187,000. Natixis Advisors L.P. purchased a new stake in Patterson-UTI Energy in the 1st quarter valued at $460,000. MetLife Investment Management LLC raised its position in Patterson-UTI Energy by 15.7% in the 1st quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company's stock valued at $3,453,000 after purchasing an additional 30,250 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Patterson-UTI Energy by 1.5% in the 1st quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company's stock valued at $9,311,000 after purchasing an additional 9,136 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on PTEN shares. Susquehanna reiterated a "positive" rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, February 16th. The Goldman Sachs Group started coverage on shares of Patterson-UTI Energy in a research report on Tuesday, December 19th. They issued a "neutral" rating and a $12.00 price target for the company. Evercore ISI reduced their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an "outperform" rating for the company in a research report on Tuesday, February 20th. Finally, Benchmark downgraded shares of Patterson-UTI Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.33.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company's stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Price Performance

Shares of PTEN traded down $0.14 during trading hours on Friday, reaching $11.68. The company had a trading volume of 6,272,185 shares, compared to its average volume of 5,792,641. The firm has a 50 day simple moving average of $11.60 and a 200-day simple moving average of $11.69. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 1.19 and a beta of 2.21. Patterson-UTI Energy, Inc. has a 12-month low of $9.70 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. Research analysts expect that Patterson-UTI Energy, Inc. will post 0.64 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.74%. Patterson-UTI Energy's dividend payout ratio is presently 31.68%.

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.