Ameriprise Financial Inc. Sells 378,837 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ameriprise Financial Inc. lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 8.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,167,987 shares of the oil and gas company's stock after selling 378,837 shares during the quarter. Ameriprise Financial Inc. owned about 1.07% of Patterson-UTI Energy worth $34,427,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its position in 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. Fuller & Thaler Asset Management Inc. boosted its position in 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 purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP boosted its position in 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 purchasing an additional 8,254,137 shares during the period. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 13.5% during the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after purchasing an additional 1,144,094 shares during the period. Finally, Van ECK Associates Corp boosted its position 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 purchasing an additional 1,743,241 shares during the period. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.01 during trading hours on Friday, reaching $6.11. The stock had a trading volume of 11,265,118 shares, compared to its average volume of 9,382,266. The business's fifty day moving average is $6.68 and its two-hundred day moving average is $7.71. 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 price-to-earnings ratio of -2.47 and a beta of 1.33. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. The company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The business's revenue was down 15.2% on a year-over-year basis. During the same period last year, the business earned $0.15 earnings per share. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS 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. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.24%. Patterson-UTI Energy's payout ratio is presently -12.31%.

Analyst Ratings Changes

A number of brokerages have recently commented on PTEN. The Goldman Sachs Group cut 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. Morgan Stanley cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Barclays cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Susquehanna cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.14.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the sale, the director now owns 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. The trade was a 1.02% increase in their position. The disclosure for this purchase can be found here. Company 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.