Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Tudor Investment Corp ET AL

Tudor Investment Corp ET AL lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 89.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 30,874 shares of the oil and gas company's stock after selling 275,714 shares during the period. Tudor Investment Corp ET AL's holdings in Patterson-UTI Energy were worth $255,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. increased its holdings in Patterson-UTI Energy by 10.6% during the 4th 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. lifted its holdings 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 purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP lifted 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 valued at $84,375,000 after purchasing an additional 8,254,137 shares during the period. American Century Companies Inc. raised 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 valued at $79,597,000 after acquiring an additional 1,144,094 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Patterson-UTI Energy by 31.2% in the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after purchasing an additional 1,743,241 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Trading Up 0.8%

PTEN traded up $0.05 during midday trading on Tuesday, reaching $6.37. 15,722,151 shares of the company were exchanged, compared to its average volume of 9,307,561. The stock's 50-day simple moving average is $6.78 and its 200 day simple moving average is $7.75. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.70. The stock has a market capitalization of $2.46 billion, a P/E ratio of -2.58 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate 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 firm's revenue for the quarter was down 15.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 earnings per share. As a group, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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 paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were purchased 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 in the company, valued at $19,562,824.96. This trade represents a 1.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This 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.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research reports. Barclays dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Susquehanna lowered their target price 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. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Morgan Stanley dropped 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 report on Thursday, March 27th. Finally, The Goldman Sachs Group reduced their price objective on 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus price target of $10.32.

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.