James Carl Stewart Sells 48,149 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

James Carl Stewart also recently made the following trade(s):

• On Wednesday, December 18th, James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $7.36, for a total value of $588,800.00.

Patterson-UTI Energy Stock Up 5.7 %

Shares of PTEN opened at $7.80 on Wednesday. The company has a market cap of $3.01 billion, a PE ratio of -3.16 and a beta of 1.99. The business has a fifty day moving average of $8.47 and a 200 day moving average of $8.25. Patterson-UTI Energy, Inc. has a 52-week low of $7.03 and a 52-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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.10%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. ARGA Investment Management LP lifted its holdings in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. Norges Bank purchased a new stake in Patterson-UTI Energy in the 4th quarter valued at $52,817,000. Pacer Advisors Inc. lifted its stake in shares of Patterson-UTI Energy by 35.9% in the 3rd quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after purchasing an additional 5,275,525 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in Patterson-UTI Energy during the 4th quarter worth about $14,403,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PTEN. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

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.