Voya Investment Management LLC lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 34.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 340,552 shares of the oil and gas company's stock after acquiring an additional 87,262 shares during the quarter. Voya Investment Management LLC owned approximately 0.09% of Patterson-UTI Energy worth $2,813,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. increased its position in shares of Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock valued at $182,518,000 after buying an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after acquiring an additional 7,989,877 shares in the last quarter. ARGA Investment Management LP raised its holdings in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the period. American Century Companies Inc. lifted its position in 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 valued at $79,597,000 after acquiring an additional 1,144,094 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of 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 buying an additional 1,743,241 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.
Insider Buying and Selling at Patterson-UTI Energy
In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the 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 transaction, the director now owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.
Patterson-UTI Energy Stock Performance
Shares of NASDAQ:PTEN traded down $0.43 during trading on Monday, hitting $5.60. The company's stock had a trading volume of 15,298,244 shares, compared to its average volume of 9,110,859. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The company has a 50-day moving average of $6.97 and a 200-day moving average of $7.82. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -2.27 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.
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 EPS for the quarter, topping analysts' consensus estimates 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 period last year, the company posted $0.15 EPS. The business's revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.
Patterson-UTI Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.71%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is currently -12.31%.
Analysts Set New Price Targets
PTEN has been the topic of a number of recent analyst reports. Susquehanna lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. 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. Morgan Stanley decreased their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Finally, Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.32.
Check Out Our Latest Stock Report on PTEN
About Patterson-UTI Energy
(
Free Report)
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.
Read More
Before you consider Patterson-UTI Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patterson-UTI Energy wasn't on the list.
While Patterson-UTI Energy currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
