Ceredex Value Advisors LLC Has $10.99 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ceredex Value Advisors LLC lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,330,350 shares of the oil and gas company's stock after buying an additional 84,950 shares during the quarter. Ceredex Value Advisors LLC owned 0.34% of Patterson-UTI Energy worth $10,989,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Smartleaf Asset Management LLC grew its stake in Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 1,717 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after buying an additional 1,358 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded down $0.09 on Tuesday, reaching $5.80. 7,062,642 shares of the company traded hands, compared to its average volume of 8,766,704. The stock has a market capitalization of $2.24 billion, a PE ratio of -2.34 and a beta of 1.60. 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 company's 50 day moving average is $7.51 and its 200-day moving average is $7.98. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.70.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's payout ratio is -12.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. The Goldman Sachs Group dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and a consensus price target of $11.21.

Patterson-UTI Energy 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.