Yousif Capital Management LLC Sells 2,627 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Yousif Capital Management LLC reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 134,471 shares of the oil and gas company’s stock after selling 2,627 shares during the period. Yousif Capital Management LLC’s holdings in Patterson-UTI Energy were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in PTEN. ARGA Investment Management LP increased its holdings in shares of Patterson-UTI Energy by 421.0% in the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Patterson-UTI Energy by 35.9% in the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after buying an additional 5,275,525 shares during the period. Canoe Financial LP boosted its stake in shares of Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock valued at $11,850,000 after purchasing an additional 1,514,500 shares during the period. State Street Corp increased its position in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after acquiring an additional 1,352,840 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of Patterson-UTI Energy by 82.7% during the third quarter. Cerity Partners LLC now owns 1,338,844 shares of the oil and gas company’s stock valued at $10,242,000 after buying an additional 606,054 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Up 4.0 %

Shares of NASDAQ:PTEN opened at $9.08 on Friday. The company has a 50-day moving average price of $8.32 and a 200 day moving average price of $8.41. The company has a current ratio of 1.54, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65. The company has a market cap of $3.54 billion, a price-to-earnings ratio of -3.68 and a beta of 2.06.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.52%. Patterson-UTI Energy’s dividend payout ratio is -12.96%.

Analyst Ratings Changes

Several equities research analysts recently commented on PTEN shares. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Citigroup decreased their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

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.