Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Sells $2,044,700.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Patterson-UTI Energy Stock Up 1.9 %

Shares of Patterson-UTI Energy stock opened at $9.09 on Wednesday. The company has a 50-day simple moving average of $8.40 and a two-hundred day simple moving average of $8.36. The stock has a market capitalization of $3.54 billion, a PE ratio of -3.68 and a beta of 2.06. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s payout ratio is presently -12.96%.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. raised its position in shares of Patterson-UTI Energy by 10.6% during the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Patterson-UTI Energy by 89.1% in 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 acquiring an additional 7,989,877 shares in the last quarter. State Street Corp boosted its stake in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after acquiring an additional 1,352,840 shares during the period. ARGA Investment Management LP grew its position in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Patterson-UTI Energy by 13.5% during the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock valued at $79,597,000 after purchasing an additional 1,144,094 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on PTEN shares. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.63.

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.