Sequoia Financial Advisors LLC Purchases 20,996 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sequoia Financial Advisors LLC increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 162.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,908 shares of the oil and gas company’s stock after purchasing an additional 20,996 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Patterson-UTI Energy were worth $366,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Capital Advisors Ltd. LLC acquired a new stake in Patterson-UTI Energy during the third quarter worth approximately $25,000. Quarry LP boosted its stake in Patterson-UTI Energy by 157.2% in the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 1,714 shares during the period. CWM LLC boosted its stake in Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares during the period. Parkside Financial Bank & Trust grew its holdings in Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares in the last quarter. Finally, Lindbrook Capital LLC increased its position in Patterson-UTI Energy by 350.7% during the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after buying an additional 2,539 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The stock was 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 in the company, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $11.34 on Friday. The business has a fifty day simple moving average of $11.67 and a 200 day simple moving average of $11.65. The company has a market cap of $4.57 billion, a P/E ratio of 11.23, a P/E/G ratio of 1.57 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 twelve month low of $9.70 and a twelve month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. On average, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post 0.63 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business 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. The ex-dividend date was Thursday, February 29th. This represents a $0.32 dividend on an annualized basis and a yield of 2.82%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. 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. Benchmark cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Bank of America cut their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday. Raymond James lowered their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Finally, StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

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.