Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Position Decreased by Caption Management LLC

Caption Management LLC reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 60.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 137,700 shares of the oil and gas company’s stock after selling 212,300 shares during the quarter. Caption Management LLC’s holdings in Patterson-UTI Energy were worth $1,137,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Victory Capital Management Inc. grew its position in Patterson-UTI Energy by 30.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock valued at $9,472,000 after buying an additional 265,714 shares in the last quarter. Versor Investments LP boosted its holdings in shares of Patterson-UTI Energy by 53.0% in the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock valued at $1,453,000 after acquiring an additional 60,900 shares in the last quarter. Ieq Capital LLC increased its stake in shares of Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after acquiring an additional 31,589 shares during the period. Schroder Investment Management Group acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $511,000. Finally, Van ECK Associates Corp raised its holdings in Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research reports. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note 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 report on Thursday, March 27th. Susquehanna reduced their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, April 14th. Barclays dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. 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 analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.32.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,482,592 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Trading Down 1.1 %

Shares of NASDAQ PTEN opened at $5.54 on Wednesday. The firm has a market capitalization of $2.14 billion, a PE ratio of -2.24 and a beta of 1.33. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.70. 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 has a 50-day moving average price of $6.92 and a two-hundred day moving average price of $7.81.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $0.15 earnings per share. The firm’s revenue was down 15.2% on a year-over-year basis. As a group, analysts predict 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 announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.78%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s payout ratio is currently -12.31%.

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.