Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stake Lifted by Fuller & Thaler Asset Management Inc.

Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,954,738 shares of the oil and gas company’s stock after buying an additional 7,989,877 shares during the period. Fuller & Thaler Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $140,046,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PTEN. MGO One Seven LLC increased its position in Patterson-UTI Energy by 15.8% in the 4th quarter. MGO One Seven LLC now owns 41,265 shares of the oil and gas company’s stock valued at $341,000 after acquiring an additional 5,638 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Patterson-UTI Energy by 162.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 590,059 shares of the oil and gas company’s stock worth $4,875,000 after purchasing an additional 365,589 shares in the last quarter. State of Tennessee Department of Treasury increased its holdings in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 130,106 shares of the oil and gas company’s stock valued at $1,075,000 after purchasing an additional 5,094 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Patterson-UTI Energy by 156.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,407 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 9,394 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Patterson-UTI Energy by 5.2% in the fourth quarter. MetLife Investment Management LLC now owns 232,559 shares of the oil and gas company’s stock worth $1,921,000 after purchasing an additional 11,551 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $5.88 on Wednesday. The stock has a fifty day simple moving average of $7.45 and a 200 day simple moving average of $7.97. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -2.38 and a beta of 1.60. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.70. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Analyst Upgrades and Downgrades

PTEN has been the topic of several research analyst reports. The Goldman Sachs Group lowered their target price on shares of 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. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Susquehanna cut their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, April 14th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Finally, Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.21.

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.