Captrust Financial Advisors Buys New Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Captrust Financial Advisors acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,681 shares of the oil and gas company’s stock, valued at approximately $88,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy during the fourth quarter worth $39,000. Smartleaf Asset Management LLC lifted its stake in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This represents a 36.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $5.69 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $6.51 and its two-hundred day moving average is $7.66. The company has a market cap of $2.20 billion, a P/E ratio of -2.30 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 EPS. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.62%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is -12.31%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Morgan Stanley decreased their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, May 16th. Susquehanna decreased their price objective 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. Citigroup reiterated a “neutral” rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday. Finally, Stifel Nicolaus reduced their price target 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 issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

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.