Bank of New York Mellon Corp Buys 717,814 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bank of New York Mellon Corp lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 19.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,439,545 shares of the oil and gas company's stock after acquiring an additional 717,814 shares during the period. Bank of New York Mellon Corp owned approximately 1.14% of Patterson-UTI Energy worth $36,671,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after buying an additional 1,358 shares during the period. Covestor Ltd grew its stake 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 buying an additional 3,307 shares during the last quarter. Kestra Investment Management LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at about $85,000. Finally, KBC Group NV lifted its position in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock worth $84,000 after acquiring an additional 1,723 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the company's stock in a transaction dated 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 approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction 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 sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 358,149 shares of company stock valued at $2,990,766. 2.30% of the stock is owned by company insiders.

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Patterson-UTI Energy Trading Up 5.7 %

NASDAQ PTEN traded up $0.42 during trading hours on Tuesday, hitting $7.80. 17,925,295 shares of the company's stock were exchanged, compared to its average volume of 7,781,312. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -3.16 and a beta of 1.99. The stock has a 50-day simple moving average of $8.48 and a 200 day simple moving average of $8.26.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued 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 4.10%. Patterson-UTI Energy's payout ratio is currently -12.96%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus cut their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.