UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 73,184 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 834,275 shares of the oil and gas company’s stock after acquiring an additional 73,184 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.21% of Patterson-UTI Energy worth $6,891,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PTEN. KBC Group NV boosted its stake in shares of Patterson-UTI Energy by 69.8% during the 4th quarter. KBC Group NV now owns 18,749 shares of the oil and gas company’s stock worth $155,000 after acquiring an additional 7,705 shares during the period. Robeco Institutional Asset Management B.V. bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $2,746,000. Greenleaf Trust boosted its stake in Patterson-UTI Energy by 12.3% in the 4th quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company’s stock valued at $162,000 after purchasing an additional 2,141 shares during the period. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $27,000. Finally, ARGA Investment Management LP boosted its stake in Patterson-UTI Energy by 421.0% in the 4th 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 purchasing an additional 8,254,137 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $5.59 on Monday. The stock has a market capitalization of $2.16 billion, a PE ratio of -2.26 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The business has a fifty day moving average price of $6.19 and a two-hundred day moving average price of $7.54. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.27.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.04. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The company’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.72%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the business’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the transaction, the director now owns 999,754 shares of the company’s stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PTEN. Citigroup restated a “neutral” rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Susquehanna reduced their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, April 14th. Morgan Stanley reduced their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. The Goldman Sachs Group reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. reduced their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.58.

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.