Vise Technologies Inc. Has $358,000 Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vise Technologies Inc. lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 93.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,315 shares of the oil and gas company’s stock after acquiring an additional 20,945 shares during the quarter. Vise Technologies Inc.’s holdings in Patterson-UTI Energy were worth $358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PTEN. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Patterson-UTI Energy by 1,443.0% in 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 position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $39,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Patterson-UTI Energy in the 4th quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC raised its position in Patterson-UTI Energy by 43.5% in 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 last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PTEN shares. The Goldman Sachs Group dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Barclays dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Morgan Stanley dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, May 16th. Susquehanna dropped 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 report on Monday, April 14th. Finally, Stifel Nicolaus dropped their price objective on shares of 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.82.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $5.72 on Tuesday. The firm has a fifty day moving average of $6.42 and a two-hundred day moving average of $7.61. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -2.32 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.27. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $0.15 EPS. The firm’s quarterly revenue was down 15.2% on a year-over-year basis. As a group, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given 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 currently -12.31%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This represents a 36.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.

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.