Versor Investments LP Purchases 60,900 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Versor Investments LP raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 53.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 175,900 shares of the oil and gas company’s stock after acquiring an additional 60,900 shares during the period. Versor Investments LP’s holdings in Patterson-UTI Energy were worth $1,453,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PTEN. Creative Planning grew its holdings in shares of Patterson-UTI Energy by 101.4% during the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after purchasing an additional 65,570 shares during the last quarter. Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Patterson-UTI Energy by 10.6% during the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after buying an additional 1,879 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Patterson-UTI Energy by 11.1% in the third quarter. Louisiana State Employees Retirement System now owns 172,900 shares of the oil and gas company’s stock worth $1,323,000 after buying an additional 17,300 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after acquiring an additional 3,221 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 2.6 %

PTEN opened at $7.90 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The stock has a market cap of $3.05 billion, a PE ratio of -3.20 and a beta of 2.07. The business has a 50 day moving average of $8.50 and a 200-day moving average of $8.34.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Citigroup decreased their target price on shares of 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 cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

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.