Nikko Asset Management Americas Inc. Reduces Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nikko Asset Management Americas Inc. reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 49,685 shares of the oil and gas company’s stock after selling 5,450 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Patterson-UTI Energy were worth $410,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cibc World Markets Corp bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $301,000. Royce & Associates LP raised its stake in Patterson-UTI Energy by 18.7% during the 4th quarter. Royce & Associates LP now owns 1,191,230 shares of the oil and gas company’s stock worth $9,840,000 after acquiring an additional 187,900 shares during the period. Monaco Asset Management SAM lifted its holdings in Patterson-UTI Energy by 50.0% during the fourth quarter. Monaco Asset Management SAM now owns 900,000 shares of the oil and gas company’s stock valued at $7,434,000 after purchasing an additional 300,000 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth approximately $6,029,000. Finally, Avantax Advisory Services Inc. increased its stake in shares of Patterson-UTI Energy by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 1,436 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $7.86 on Tuesday. The stock has a market capitalization of $3.04 billion, a PE ratio of -3.18 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65. The business has a 50 day simple moving average of $8.42 and a two-hundred day simple moving average of $8.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The shares were 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 directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 85,475 shares of the company’s stock, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 358,149 shares of company stock valued at $2,990,766 over the last 90 days. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of analyst reports. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

About Patterson-UTI Energy

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.