Renaissance Technologies LLC Has $12.87 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Renaissance Technologies LLC increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 467.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,558,199 shares of the oil and gas company's stock after purchasing an additional 1,283,684 shares during the quarter. Renaissance Technologies LLC owned 0.40% of Patterson-UTI Energy worth $12,871,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. ARGA Investment Management LP increased its holdings in 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 buying an additional 8,254,137 shares during the last quarter. Norges Bank acquired a new position in Patterson-UTI Energy in the fourth quarter worth $52,817,000. Pacer Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock worth $182,518,000 after purchasing an additional 2,123,659 shares during the period. Van ECK Associates Corp raised its stake in Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock worth $60,477,000 after acquiring an additional 1,743,241 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Patterson-UTI Energy by 27.8% during the fourth quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock valued at $51,279,000 after purchasing an additional 1,351,001 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 4.3 %

Shares of PTEN traded down $0.26 during trading hours on Monday, reaching $5.81. The stock had a trading volume of 750,503 shares, compared to its average volume of 8,700,550. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.70. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market cap of $2.24 billion, a P/E ratio of -2.36 and a beta of 1.60. The firm has a 50-day moving average of $7.57 and a 200 day moving average of $8.00.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.51%. Patterson-UTI Energy's payout ratio is -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company's stock, valued at $634,224.50. This represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PTEN. The Goldman Sachs Group reduced their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus reduced 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 research note on Tuesday, April 15th. Finally, Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.21.

About Patterson-UTI Energy

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.