Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Caption Management LLC

Caption Management LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 60.7% 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 137,700 shares of the oil and gas company's stock after selling 212,300 shares during the quarter. Caption Management LLC's holdings in Patterson-UTI Energy were worth $1,137,000 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 PTEN. Brevan Howard Capital Management LP boosted its stake in Patterson-UTI Energy by 436.7% during the fourth quarter. Brevan Howard Capital Management LP now owns 161,763 shares of the oil and gas company's stock valued at $1,336,000 after buying an additional 131,624 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $2,458,000. Captrust Financial Advisors bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $88,000. Caxton Associates LP purchased a new position in Patterson-UTI Energy during the fourth quarter worth $236,000. Finally, Bayesian Capital Management LP boosted its stake in shares of Patterson-UTI Energy by 132.2% during the 4th quarter. Bayesian Capital Management LP now owns 124,900 shares of the oil and gas company's stock worth $1,032,000 after purchasing an additional 71,100 shares during the period. Institutional investors own 97.91% of the company's stock.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were 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 owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN traded up $0.15 during trading on Friday, reaching $5.99. The company's stock had a trading volume of 10,508,839 shares, compared to its average volume of 9,208,827. The firm has a fifty day simple moving average of $6.80 and a two-hundred day simple moving average of $7.77. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year 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, topping the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $0.15 EPS. The company's quarterly revenue was down 15.2% compared to the same quarter last year. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company 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 dividend of $0.08 per share. 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 5.34%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group dropped their price objective 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. Stifel Nicolaus cut their target price on 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. Susquehanna dropped their target price on 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. 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 research note on Monday, April 28th. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.32.

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.