Cibc World Markets Corp Purchases New Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Cibc World Markets Corp acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 36,419 shares of the oil and gas company’s stock, valued at approximately $301,000.

Other hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in shares of Patterson-UTI Energy by 10.6% during the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after purchasing an additional 2,123,659 shares during the period. State Street Corp boosted its position in shares of Patterson-UTI Energy by 9.6% during 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 buying an additional 1,352,840 shares during the period. ARGA Investment Management LP grew its stake in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock valued at $84,375,000 after buying an additional 8,254,137 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after buying an additional 478,064 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after acquiring an additional 1,743,241 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, 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 research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.46 on Tuesday. The company has a market capitalization of $3.27 billion, a PE ratio of -3.43 and a beta of 1.99. The company has a 50-day simple moving average of $8.40 and a two-hundred day simple moving average of $8.19. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.78%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following 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 position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the sale, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.

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.