Phocas Financial Corp. Decreases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Phocas Financial Corp. lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 527,974 shares of the oil and gas company’s stock after selling 4,727 shares during the quarter. Phocas Financial Corp.’s holdings in Patterson-UTI Energy were worth $4,361,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 valued at $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Carl Stewart sold 5,500 shares of the business’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director now directly owns 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $5.72 on Tuesday. The stock has a 50 day moving average of $6.42 and a two-hundred day moving average of $7.61. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.27. The firm has a market cap of $2.21 billion, a P/E ratio of -2.32 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.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $0.15 earnings per share. The business’s revenue was down 15.2% on a year-over-year basis. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid 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 5.59%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Analyst Ratings Changes

Several research firms have recently weighed in on PTEN. The Goldman Sachs Group cut their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Citigroup reiterated a “neutral” rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, May 16th. Barclays cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Finally, Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

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.