New Age Alpha Advisors LLC Invests $3.96 Million in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New Age Alpha Advisors LLC purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 479,107 shares of the oil and gas company's stock, valued at approximately $3,957,000. New Age Alpha Advisors LLC owned 0.12% of Patterson-UTI Energy as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTEN. ARGA Investment Management LP increased its holdings 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. Norges Bank purchased a new position in Patterson-UTI Energy in the 4th quarter valued at $52,817,000. Pacer Advisors Inc. increased its stake in 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. Van ECK Associates Corp raised its position 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 last quarter. Finally, State Street Corp lifted its stake in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock worth $118,080,000 after acquiring an additional 1,352,840 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN traded up $0.16 during trading hours on Wednesday, reaching $8.54. 4,457,749 shares of the company traded hands, compared to its average volume of 8,299,806. 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 firm's 50-day moving average is $8.29 and its 200-day moving average is $8.21. The stock has a market cap of $3.30 billion, a P/E ratio of -3.46 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PTEN shares. Raymond James lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Morgan Stanley dropped their target price on 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. The Goldman Sachs Group upgraded 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 note on Friday, December 13th. 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 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 stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus price target of $11.54.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction 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 $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

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.