Ieq Capital LLC Has $360,000 Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ieq Capital LLC raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 262.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,618 shares of the oil and gas company’s stock after buying an additional 31,589 shares during the period. Ieq Capital LLC’s holdings in Patterson-UTI Energy were worth $360,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy during the fourth quarter worth about $27,000. MassMutual Private Wealth & Trust FSB raised its stake 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 worth $47,000 after purchasing an additional 1,358 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in Patterson-UTI Energy by 47.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after buying an additional 3,221 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on PTEN shares. Citigroup cut their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Trading Up 2.7 %

Shares of Patterson-UTI Energy stock opened at $8.11 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65. The stock has a market cap of $3.13 billion, a PE ratio of -3.28 and a beta of 2.06. The firm has a 50-day moving average of $8.52 and a 200-day moving average of $8.34. 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 business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.