Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Vident Advisory LLC

Vident Advisory LLC lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 27.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,144 shares of the oil and gas company’s stock after selling 4,666 shares during the quarter. Vident Advisory LLC’s holdings in Patterson-UTI Energy were worth $100,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Northern Trust Corp grew its position in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock worth $35,426,000 after buying an additional 170,417 shares in the last quarter. Victory Capital Management Inc. grew its position 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 worth $9,472,000 after buying an additional 265,714 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $3,717,000. Versor Investments LP grew its position in shares of Patterson-UTI Energy by 53.0% during the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after buying an additional 60,900 shares in the last quarter. Finally, Ieq Capital LLC grew its position 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. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the sale, the director now directly owns 999,754 shares in the company, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now owns 2,482,592 shares of the company’s stock, 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. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $5.59 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -2.26 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.27. The stock’s fifty day moving average is $6.19 and its two-hundred day moving average is $7.55.

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 company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations 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 firm’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. On average, research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s payout ratio is -12.31%.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of recent analyst reports. Citigroup reissued a “neutral” rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. reduced their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday. The Goldman Sachs Group reduced their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Susquehanna reduced their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Finally, Barclays reduced their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.58.

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.