Patterson-UTI Energy, Inc. $PTEN Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,709,615 shares of the oil and gas company’s stock after selling 592,527 shares during the quarter. Fisher Asset Management LLC owned approximately 1.22% of Patterson-UTI Energy worth $27,928,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $54,000. Smartleaf Asset Management LLC grew its stake in Patterson-UTI Energy by 41.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock worth $65,000 after buying an additional 2,323 shares during the last quarter. Hodges Capital Management Inc. acquired a new stake in Patterson-UTI Energy in the first quarter worth $82,000. First Manhattan CO. LLC. bought a new stake in Patterson-UTI Energy in the first quarter valued at $86,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Patterson-UTI Energy by 79.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 10,568 shares of the oil and gas company’s stock valued at $87,000 after acquiring an additional 4,678 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 1.4%

NASDAQ PTEN opened at $5.95 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The company’s 50 day simple moving average is $5.86 and its 200 day simple moving average is $5.85. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $9.57. The company has a market capitalization of $2.26 billion, a P/E ratio of -16.53 and a beta of 1.22.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The business had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.4%. Patterson-UTI Energy’s payout ratio is -88.89%.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of analyst reports. Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Royal Bank Of Canada raised their price target on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Susquehanna lowered their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.39.

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.