Edmond DE Rothschild Holding S.A. Purchases 100,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edmond DE Rothschild Holding S.A. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,100,000 shares of the oil and gas company’s stock after purchasing an additional 100,000 shares during the quarter. Edmond DE Rothschild Holding S.A.’s holdings in Patterson-UTI Energy were worth $17,346,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PTEN. Atria Investments Inc grew its position in shares of Patterson-UTI Energy by 3.7% during the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock worth $288,000 after purchasing an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings 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 in the last quarter. Avantax Advisory Services Inc. raised its position in shares of Patterson-UTI Energy by 10.1% during the fourth 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 last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,717 shares in the last quarter. Finally, Greenleaf Trust boosted its position in shares of Patterson-UTI Energy by 12.3% during the fourth quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company’s stock worth $162,000 after acquiring an additional 2,141 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Activity

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction 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 sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $11.00 to $10.00 in a report on Friday, December 13th. Morgan Stanley reduced their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $11.54.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.19 on Monday. The business’s 50 day moving average price is $8.33 and its 200-day moving average price is $8.20. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.03 and a fifty-two week high of $12.65. The company has a market cap of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

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.