Xponance Inc. Grows Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Xponance Inc. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,788 shares of the oil and gas company’s stock after acquiring an additional 2,298 shares during the period. Xponance Inc.’s holdings in Patterson-UTI Energy were worth $230,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. grew its stake in Patterson-UTI Energy by 30.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock worth $9,472,000 after purchasing an additional 265,714 shares in the last quarter. State Street Corp lifted its holdings in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after buying an additional 1,352,840 shares during the period. Versor Investments LP grew its position in shares of Patterson-UTI Energy by 53.0% during the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after buying an additional 60,900 shares in the last quarter. Ieq Capital LLC increased its stake in shares of Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after buying an additional 31,589 shares during the period. Finally, Van ECK Associates Corp raised its holdings in shares of Patterson-UTI Energy by 31.2% in the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after acquiring an additional 1,743,241 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, 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 disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Trading Down 2.3 %

Patterson-UTI Energy stock opened at $8.19 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market cap of $3.16 billion, a PE ratio of -3.32 and a beta of 1.99. The stock has a 50-day moving average of $8.33 and a two-hundred day moving average of $8.20. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus cut their price objective 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. Morgan Stanley lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.54.

Patterson-UTI Energy 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.