Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Ashburton Jersey Ltd

Ashburton Jersey Ltd lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,996 shares of the oil and gas company’s stock after selling 4,996 shares during the period. Ashburton Jersey Ltd’s holdings in Patterson-UTI Energy were worth $578,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PTEN. WFA Asset Management Corp bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $39,000. Smartleaf Asset Management LLC lifted its stake in 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 valued at $46,000 after buying an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of several recent research reports. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.54.

Patterson-UTI Energy Trading Down 18.3 %

Shares of PTEN stock opened at $5.66 on Friday. The stock has a 50-day simple moving average of $8.18 and a 200 day simple moving average of $8.18. The stock has a market capitalization of $2.19 billion, a P/E ratio of -2.29 and a beta of 1.99. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.53 and a fifty-two week high of $12.65. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 5.65%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Buying and Selling

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction 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 in the company, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.