Covestor Ltd Acquires 4,688 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Covestor Ltd grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 68.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,573 shares of the oil and gas company’s stock after acquiring an additional 4,688 shares during the period. Covestor Ltd’s holdings in Patterson-UTI Energy were worth $96,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Quantinno Capital Management LP bought a new position in shares of Patterson-UTI Energy during the third quarter worth about $97,000. Stifel Financial Corp lifted its position in shares of Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after purchasing an additional 42,824 shares during the period. State Street Corp lifted its position in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at $453,000. Finally, Geode Capital Management LLC increased its position in shares of Patterson-UTI Energy by 5.6% during the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after buying an additional 478,064 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Raymond James cut 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 reduced 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. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now owns 85,475 shares in the company, 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 own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Up 3.0 %

PTEN stock opened at $5.76 on Friday. The firm has a market capitalization of $2.23 billion, a PE ratio of -2.33 and a beta of 1.60. 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 twelve month low of $5.12 and a twelve month high of $12.15. The stock’s 50 day moving average is $7.85 and its 200-day moving average is $8.06.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.56%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

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.