Tudor Investment Corp ET AL Sells 275,714 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Tudor Investment Corp ET AL trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,874 shares of the oil and gas company’s stock after selling 275,714 shares during the quarter. Tudor Investment Corp ET AL’s holdings in Patterson-UTI Energy were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Boothbay Fund Management LLC bought a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $821,000. Virtus ETF Advisers LLC raised its holdings in shares of Patterson-UTI Energy by 29.5% in the 4th quarter. Virtus ETF Advisers LLC now owns 21,130 shares of the oil and gas company’s stock valued at $175,000 after purchasing an additional 4,817 shares in the last quarter. Voya Investment Management LLC lifted its position in shares of Patterson-UTI Energy by 34.5% in the 4th quarter. Voya Investment Management LLC now owns 340,552 shares of the oil and gas company’s stock worth $2,813,000 after purchasing an additional 87,262 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in shares of Patterson-UTI Energy by 14.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 80,000 shares of the oil and gas company’s stock valued at $661,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in 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 buying an additional 7,989,877 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $5.99 on Friday. The firm has a market capitalization of $2.31 billion, a PE ratio of -2.43 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company’s fifty day moving average price is $6.80 and its 200-day moving average price is $7.77. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.70.

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. 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 revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.15 earnings per share. On average, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.34%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PTEN shares. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Barclays dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. The Goldman Sachs Group lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Susquehanna reduced their price objective 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. One 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’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $10.32.

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.