Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 23.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 50,886 shares of the oil and gas company’s stock after selling 15,495 shares during the period. Nisa Investment Advisors LLC’s holdings in Patterson-UTI Energy were worth $550,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PTEN. Blackstone Inc. acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $483,016,000. Vanguard Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 74.9% during the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after purchasing an additional 18,495,822 shares during the last quarter. Cerberus Capital Management L.P. acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $188,486,000. FMR LLC boosted its holdings in shares of Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock worth $161,311,000 after purchasing an additional 11,600,658 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 397.2% during the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after purchasing an additional 4,699,682 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Down 1.0 %

Shares of NASDAQ PTEN opened at $11.22 on Thursday. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 1.19 and a beta of 2.21. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week high of $16.17. The business’s 50 day moving average is $11.65 and its two-hundred day moving average is $11.65.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. Research analysts predict that Patterson-UTI Energy, Inc. will post 0.63 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PTEN. Evercore ISI lowered their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. Susquehanna restated a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Finally, Raymond James decreased their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.17.

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.