Gotham Asset Management LLC Acquires Shares of 87,209 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Gotham Asset Management LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, Holdings Channel reports. The firm bought 87,209 shares of the oil and gas company’s stock, valued at approximately $720,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy during the fourth quarter worth $39,000. Smartleaf Asset Management LLC grew its position in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after buying an additional 1,717 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its position in Patterson-UTI Energy by 31.4% during the fourth 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 during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $6.11 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The firm has a market capitalization of $2.36 billion, a PE ratio of -2.47 and a beta of 1.33. The business’s 50 day moving average price is $6.68 and its 200-day moving average price is $7.71.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $0.15 EPS. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.24%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -12.31%.

Insider Buying and Selling

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 stock was acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director now owns 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday. Susquehanna cut their price objective 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 reduced their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Finally, Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have assigned 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 target price of $10.14.

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.