Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 869,719 shares of the oil and gas company's stock after buying an additional 155,147 shares during the quarter. First Trust Advisors LP owned about 0.22% of Patterson-UTI Energy worth $7,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. increased its position in 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 worth $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. ARGA Investment Management LP grew its stake in shares of Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after buying an additional 8,254,137 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after buying an additional 1,144,094 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after buying an additional 1,743,241 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $52,817,000. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group decreased their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Barclays cut 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. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Finally, Morgan Stanley reduced their price target on 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.88.

Patterson-UTI Energy Stock Up 2.9 %

Shares of Patterson-UTI Energy stock traded up $0.17 during trading on Friday, hitting $6.03. 11,458,596 shares of the stock traded hands, compared to its average volume of 9,073,868. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock's fifty day simple moving average is $7.01 and its 200 day simple moving average is $7.84. The firm has a market cap of $2.33 billion, a P/E ratio of -2.44 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 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 analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $0.15 EPS. The company's quarterly revenue was down 15.2% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.31%. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm's stock in a transaction on Friday, February 14th. The stock was 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 directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company's stock.

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.