Nisa Investment Advisors LLC Decreases Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nisa Investment Advisors LLC reduced its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 23.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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.

A number of other large investors have also bought and sold shares of PTEN. Capital Advisors Ltd. LLC bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $25,000. Quarry LP boosted its position in shares of Patterson-UTI Energy by 157.2% during the second 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 in the last quarter. CWM LLC boosted its position in shares of Patterson-UTI Energy by 40.9% during the third 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 in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 2,594 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Patterson-UTI Energy by 350.7% during the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 2,539 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PTEN has been the topic of several research reports. Bank of America dropped their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday. Raymond James dropped their target price 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. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Royal Bank of Canada dropped their target price 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, Evercore ISI dropped 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. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.17.

Patterson-UTI Energy Stock Down 1.0 %

PTEN stock opened at $11.22 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $9.70 and a 1-year high of $16.17. The business has a fifty day moving average price of $11.65 and a 200-day moving average price of $11.65. 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 stock has a market capitalization of $4.52 billion, a P/E ratio of 11.11, a P/E/G ratio of 1.19 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping 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 firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.63 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

Insider Activity at Patterson-UTI Energy

In related 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 completion of the sale, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is owned by company insiders.

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.