Adage Capital Partners GP L.L.C. Boosts Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Adage Capital Partners GP L.L.C. grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,000 shares of the oil and gas company’s stock after purchasing an additional 10,000 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Patterson-UTI Energy were worth $661,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in 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 valued at $182,518,000 after buying an additional 2,123,659 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 89.1% during the fourth 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 acquiring an additional 7,989,877 shares during the last quarter. ARGA Investment Management LP lifted its holdings in Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the period. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 13.5% in the fourth 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 during the last quarter. Finally, Van ECK Associates Corp grew its stake 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 valued at $60,477,000 after purchasing an additional 1,743,241 shares during the period. 97.91% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PTEN. Morgan Stanley lowered their target price on 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. 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 research report on Monday, April 14th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus dropped their price objective on 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. Finally, Barclays decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.88.

Patterson-UTI Energy Stock Down 1.0 %

PTEN opened at $5.95 on Wednesday. The firm has a market capitalization of $2.30 billion, a P/E ratio of -2.41 and a beta of 1.60. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.70. The company has a fifty day moving average price of $7.16 and a 200-day moving average price of $7.89. 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 (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates 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 company’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.38%. Patterson-UTI Energy’s payout ratio is presently -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.