36,419 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Cibc World Markets Corp

Cibc World Markets Corp bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 36,419 shares of the oil and gas company's stock, valued at approximately $301,000.

Several other institutional investors also recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy during the fourth quarter worth about $27,000. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 43.5% in the 4th 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 during the period. MassMutual Private Wealth & Trust FSB lifted its stake 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 purchasing an additional 1,358 shares during the last quarter. Kestra Investment Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at $85,000. Finally, Quantinno Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at $97,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 2.3 %

Shares of Patterson-UTI Energy stock traded down $0.19 on Friday, hitting $8.19. The stock had a trading volume of 9,577,733 shares, compared to its average volume of 8,334,885. The stock's 50-day simple moving average is $8.35 and its two-hundred day simple moving average is $8.20. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -3.32 and a beta of 1.99.

Remove Ads

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.91%. Patterson-UTI Energy's payout ratio is presently -12.96%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Finally, Morgan Stanley cut their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.54.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the sale, 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.

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.