SIR Capital Management L.P. Acquires Shares of 336,102 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SIR Capital Management L.P. purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 336,102 shares of the oil and gas company's stock, valued at approximately $2,776,000. SIR Capital Management L.P. owned about 0.09% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PTEN. Atria Investments Inc grew its holdings in shares of Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock valued at $288,000 after purchasing an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Patterson-UTI Energy by 31.4% during the 4th 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 period. Avantax Advisory Services Inc. boosted its position in Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock valued at $130,000 after buying an additional 1,436 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after purchasing an additional 1,596 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 1,717 shares during the period. Institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of analyst reports. The Goldman Sachs Group reduced 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 research note on Thursday, April 10th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Friday. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Citigroup reaffirmed a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday. Finally, Susquehanna lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.82.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders own 2.40% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN traded down $0.18 during trading hours on Monday, hitting $5.93. The company's stock had a trading volume of 9,358,775 shares, compared to its average volume of 9,397,138. The business's 50-day moving average price is $6.64 and its 200-day moving average price is $7.70. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -2.40 and a beta of 1.33. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating analysts' consensus estimates 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 negative net margin of 18.00% and a positive return on equity of 0.81%. The business's revenue was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 earnings per share. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.40%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

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.