Perigon Wealth Management LLC Acquires Shares of 10,269 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Perigon Wealth Management LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 10,269 shares of the oil and gas company’s stock, valued at approximately $111,000.

Other institutional investors have also made changes to their positions in the company. Blackstone Inc. acquired a new position in shares of Patterson-UTI Energy in the third quarter valued at $483,016,000. Vanguard Group Inc. grew its stake in Patterson-UTI Energy by 74.9% in the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after buying an additional 18,495,822 shares during the last quarter. Cerberus Capital Management L.P. bought a new position in Patterson-UTI Energy in the 3rd quarter valued at about $188,486,000. FMR LLC raised its holdings in Patterson-UTI Energy by 21,195.0% in the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after acquiring an additional 11,600,658 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Patterson-UTI Energy by 397.2% during the third quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after acquiring an additional 4,699,682 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PTEN has been the topic of a number of recent research reports. Royal Bank of Canada lowered their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Bank of America dropped their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday. Susquehanna restated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Evercore ISI dropped their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Finally, Raymond James decreased their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.17.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $11.34 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $9.70 and a 1 year high of $16.17. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.57 and a beta of 2.21. 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 company’s 50 day simple moving average is $11.67 and its 200 day simple moving average is $11.65.

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

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.82%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

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.