Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Voya Investment Management LLC

Voya Investment Management LLC raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 34.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 340,552 shares of the oil and gas company’s stock after buying an additional 87,262 shares during the quarter. Voya Investment Management LLC owned about 0.09% of Patterson-UTI Energy worth $2,813,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in shares of Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock valued at $9,472,000 after acquiring an additional 265,714 shares during the last quarter. Versor Investments LP boosted its stake in shares of Patterson-UTI Energy by 53.0% during the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after purchasing an additional 60,900 shares during the last quarter. Ieq Capital LLC grew its holdings in shares of Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock worth $360,000 after buying an additional 31,589 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $511,000. Finally, Van ECK Associates Corp lifted its stake 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 valued at $60,477,000 after buying an additional 1,743,241 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of several analyst reports. The Goldman Sachs Group cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Barclays lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, Susquehanna lowered 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 report on Monday, April 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.88.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Up 2.9 %

Shares of Patterson-UTI Energy stock opened at $6.03 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -2.44 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. The company has a fifty day moving average price of $7.01 and a 200 day moving average price of $7.84.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion during 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 revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.31%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -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.