Nuveen Asset Management LLC Has $20.70 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nuveen Asset Management LLC boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 66.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,506,536 shares of the oil and gas company’s stock after purchasing an additional 1,000,702 shares during the quarter. Nuveen Asset Management LLC owned about 0.64% of Patterson-UTI Energy worth $20,704,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $39,000. Smartleaf Asset Management LLC increased its stake in Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research analyst reports. 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 report on Thursday, April 10th. Citigroup reaffirmed a “neutral” rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Stifel Nicolaus lowered their target price 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 reduced 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 research note on Friday, May 16th. Finally, Susquehanna decreased their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Patterson-UTI Energy Stock Up 0.5%

Shares of NASDAQ:PTEN opened at $5.72 on Friday. The firm has a market cap of $2.21 billion, a P/E ratio of -2.32 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.27. The business has a fifty day simple moving average of $6.47 and a 200 day simple moving average of $7.64. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

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 during the quarter, compared to the consensus estimate of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. Patterson-UTI Energy’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 earnings per share. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

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 paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is -12.31%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the transaction, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This represents a 36.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $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. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy 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.