31,380 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Purchased by Headlands Technologies LLC

Headlands Technologies LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,380 shares of the oil and gas company’s stock, valued at approximately $339,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. K.J. Harrison & Partners Inc purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at $146,000. Stanley Laman Group Ltd. lifted its holdings in Patterson-UTI Energy by 18.3% in the 4th quarter. Stanley Laman Group Ltd. now owns 167,312 shares of the oil and gas company’s stock valued at $1,807,000 after purchasing an additional 25,919 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $77,000. New York State Common Retirement Fund grew its holdings in shares of Patterson-UTI Energy by 6.9% during the fourth quarter. New York State Common Retirement Fund now owns 785,643 shares of the oil and gas company’s stock worth $8,485,000 after buying an additional 50,837 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its position in shares of Patterson-UTI Energy by 11.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 202,932 shares of the oil and gas company’s stock valued at $2,192,000 after buying an additional 21,031 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PTEN shares. Bank of America decreased their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Susquehanna reiterated a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Raymond James cut their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Trading Down 0.1 %

NASDAQ PTEN opened at $11.25 on Friday. The company’s fifty day simple moving average is $11.73 and its 200-day simple moving average is $11.58. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.54 billion, a P/E ratio of 11.14, a PEG ratio of 1.65 and a beta of 2.21. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.6 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

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.