Point72 Asset Management L.P. Cuts Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 45.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,844,659 shares of the oil and gas company’s stock after selling 1,567,438 shares during the quarter. Point72 Asset Management L.P.’s holdings in Patterson-UTI Energy were worth $15,237,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PTEN. Pacer Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position 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 valued at $140,046,000 after purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP lifted its position in shares of Patterson-UTI Energy by 421.0% in the fourth 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 in the last quarter. American Century Companies Inc. lifted its holdings in 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 boosted its position in shares of 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 acquiring an additional 1,743,241 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PTEN. Stifel Nicolaus dropped 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. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday. The Goldman Sachs Group reduced their target price on 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. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, April 14th. Finally, Barclays lowered their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $10.14.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 999,754 shares in the company, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $6.11 on Friday. The stock has a fifty day moving average price of $6.68 and a 200-day moving average price of $7.71. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The firm has a market cap of $2.36 billion, a PE ratio of -2.47 and a beta of 1.33. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the company posted $0.15 earnings per share. The business’s quarterly revenue was down 15.2% on a year-over-year basis. Equities research 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 firm 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 5.24%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s payout ratio is -12.31%.

About Patterson-UTI Energy

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.