Arcadia Investment Management Corp MI Decreases Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Arcadia Investment Management Corp MI decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 89.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB raised its stake in 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 worth $47,000 after purchasing an additional 1,358 shares during the period. Covestor Ltd boosted its holdings in 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 purchasing 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 3rd 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 during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company's stock valued at $75,000 after buying an additional 3,221 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 80,000 shares of the firm's 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 sale, the director now owns 32,438 shares of the company's stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

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

Patterson-UTI Energy Stock Down 2.6 %

Shares of PTEN traded down $0.22 during mid-day trading on Tuesday, hitting $8.06. 4,274,952 shares of the company's stock were exchanged, compared to its average volume of 8,900,060. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -3.26 and a beta of 2.07. The stock's 50-day moving average is $8.47 and its 200-day moving average is $8.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.97%. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

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.