Barclays PLC Sells 297,424 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Barclays PLC trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 23.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 991,710 shares of the oil and gas company's stock after selling 297,424 shares during the quarter. Barclays PLC owned about 0.25% of Patterson-UTI Energy worth $8,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTEN. Victory Capital Management Inc. boosted its holdings in shares of Patterson-UTI Energy by 30.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after buying an additional 265,714 shares in the last quarter. Versor Investments LP grew its stake in shares of Patterson-UTI Energy by 53.0% in the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company's stock valued at $1,453,000 after buying an additional 60,900 shares during the period. Ieq Capital LLC increased its position in Patterson-UTI Energy by 262.6% in the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company's stock valued at $360,000 after buying an additional 31,589 shares in the last quarter. Schroder Investment Management Group acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $511,000. Finally, Van ECK Associates Corp increased its holdings in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after acquiring an additional 1,743,241 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.06 during trading on Monday, hitting $6.04. The stock had a trading volume of 6,749,658 shares, compared to its average volume of 8,966,130. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -2.44 and a beta of 1.60. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The business's 50-day moving average is $7.27 and its 200 day moving average is $7.92. 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 (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy's revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. As a group, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Insider Activity

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, 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 transaction, the director now directly 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. Corporate insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PTEN shares. The Goldman Sachs Group reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Barclays lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a report on Monday. Susquehanna cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Finally, 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 report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.88.

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.