Raymond James Financial Inc. Takes $5.76 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Raymond James Financial Inc. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 696,761 shares of the oil and gas company's stock, valued at approximately $5,755,000. Raymond James Financial Inc. owned about 0.18% of Patterson-UTI Energy at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. WFA Asset Management Corp bought a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. bought a new stake in Patterson-UTI Energy in the fourth quarter worth $39,000. Smartleaf Asset Management LLC boosted its position in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after buying an additional 1,717 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after buying an additional 1,358 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PTEN. Barclays cut their target price 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. Susquehanna dropped their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. The Goldman Sachs Group decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Morgan Stanley cut 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 note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.88.

Patterson-UTI Energy Stock Down 5.2 %

NASDAQ:PTEN traded down $0.31 during trading hours on Wednesday, reaching $5.64. 17,067,112 shares of the company traded hands, compared to its average volume of 9,052,482. 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 business's 50-day moving average price is $7.10 and its two-hundred day moving average price is $7.87. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The stock has a market capitalization of $2.18 billion, a P/E ratio of -2.28 and a beta of 1.60.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. The business had revenue of $1.28 billion for 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 firm's quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared 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. This represents a $0.32 annualized dividend and a yield of 5.67%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

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.