Tudor Investment Corp ET AL Sells 275,714 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

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

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. lifted its stake in shares of 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 purchasing an additional 2,123,659 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Patterson-UTI Energy by 89.1% during the 4th 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 acquiring an additional 7,989,877 shares during the last quarter. ARGA Investment Management LP grew its position in shares of Patterson-UTI Energy by 421.0% during 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 acquiring an additional 8,254,137 shares during the period. American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after purchasing an additional 1,144,094 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in 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 worth $60,477,000 after purchasing an additional 1,743,241 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other news, 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 transaction of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company’s stock, valued at $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Susquehanna reduced their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, April 14th. Barclays lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. 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 lowered 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 note on Thursday, March 27th. Finally, Stifel Nicolaus cut their price target 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $10.32.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $5.99 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33. The firm’s fifty day moving average is $6.80 and its 200 day moving average is $7.77. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. 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 firm posted $0.15 earnings per share. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.34%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s payout ratio is -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.