Raymond James & Associates Increases Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Raymond James & Associates grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 22.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 632,943 shares of the oil and gas company’s stock after purchasing an additional 114,868 shares during the period. Raymond James & Associates owned approximately 0.15% of Patterson-UTI Energy worth $6,836,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PTEN. Capital Advisors Ltd. LLC purchased a new stake in Patterson-UTI Energy in the third quarter valued at approximately $25,000. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 1,714 shares during the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 40.9% in the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 791 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares during the last quarter. Finally, Lindbrook Capital LLC increased its stake in Patterson-UTI Energy by 350.7% in the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after acquiring an additional 2,539 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 3.2 %

PTEN opened at $12.12 on Tuesday. Patterson-UTI Energy, Inc. has a one year low of $9.70 and a one year high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The business has a 50 day simple moving average of $11.53 and a two-hundred day simple moving average of $11.77. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 1.25 and a beta of 2.22.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. Analysts predict that Patterson-UTI Energy, Inc. will post 0.65 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.08 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.64%. Patterson-UTI Energy’s dividend payout ratio is 31.68%.

Analysts Set New Price Targets

Several brokerages have recently commented on PTEN. Benchmark lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. The Goldman Sachs Group began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They set a “neutral” rating and a $12.00 price target on the stock. Raymond James cut their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Royal Bank of Canada decreased their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.33.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.40% of the company’s stock.

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.