Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Arcadia Investment Management Corp MI

Arcadia Investment Management Corp MI trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,287 shares of the oil and gas company’s stock after selling 87,598 shares during the period. Arcadia Investment Management Corp MI’s holdings in Patterson-UTI Energy were worth $85,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after buying an additional 2,123,659 shares during the period. State Street Corp increased its stake in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the period. ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 421.0% in the fourth 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. Geode Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after purchasing an additional 478,064 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after buying an additional 1,743,241 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % 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.

Analyst Upgrades and Downgrades

PTEN has been the subject of several recent research reports. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. 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. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Stock Down 5.5 %

PTEN stock opened at $8.34 on Friday. The stock has a market cap of $3.22 billion, a P/E ratio of -3.38 and a beta of 2.06. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $7.15 and a twelve month high of $12.65. The company’s 50 day moving average is $8.46 and its two-hundred day moving average is $8.36.

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 paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.84%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

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.