Orion Portfolio Solutions LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Orion Portfolio Solutions LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 10,562 shares of the oil and gas company’s stock, valued at approximately $87,000.

A number of other hedge funds have also recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares during the period. Finally, Kestra Investment Management LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $85,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 3.0 %

PTEN opened at $5.76 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $12.15. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $7.85 and a 200 day moving average of $8.06. The firm has a market cap of $2.23 billion, a P/E ratio of -2.33 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 5.56%. Patterson-UTI Energy’s payout ratio is presently -12.96%.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company’s stock, 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 corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PTEN shares. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group reduced their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $11.38.

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.