Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Holdings Decreased by Ashburton Jersey Ltd

Ashburton Jersey Ltd trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,996 shares of the oil and gas company’s stock after selling 4,996 shares during the period. Ashburton Jersey Ltd’s holdings in Patterson-UTI Energy were worth $578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. ARGA Investment Management LP increased its holdings in shares of Patterson-UTI Energy by 421.0% in the 4th 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. Norges Bank acquired a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $52,817,000. Pacer Advisors Inc. lifted its position in Patterson-UTI Energy by 10.6% in 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 buying an additional 2,123,659 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Patterson-UTI Energy by 31.2% during 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 buying an additional 1,743,241 shares during the period. Finally, State Street Corp grew its holdings in shares of Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after acquiring an additional 1,352,840 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $5.66 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $5.53 and a 1 year high of $12.65. The company has a fifty day simple moving average of $8.18 and a 200 day simple moving average of $8.18. 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 company has a market cap of $2.19 billion, a P/E ratio of -2.29 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Activity

In other news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PTEN. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. The Goldman Sachs Group upgraded 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 dropped their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.54.

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.