Entropy Technologies LP Has $2.62 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Entropy Technologies LP increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 162.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 317,122 shares of the oil and gas company's stock after purchasing an additional 196,300 shares during the quarter. Entropy Technologies LP owned approximately 0.08% of Patterson-UTI Energy worth $2,619,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. lifted its position in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock worth $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. State Street Corp boosted its position in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after buying an additional 1,352,840 shares during the period. ARGA Investment Management LP grew its stake in Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after acquiring an additional 8,254,137 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Patterson-UTI Energy by 5.6% during the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company's stock worth $68,717,000 after acquiring an additional 478,064 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Patterson-UTI Energy by 10.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company's stock valued at $41,540,000 after acquiring an additional 494,250 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded down $0.50 during midday trading on Wednesday, hitting $8.73. 11,859,262 shares of the company were exchanged, compared to its average volume of 9,397,501. The business has a fifty day simple moving average of $8.30 and a two-hundred day simple moving average of $8.41. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The firm has a market capitalization of $3.40 billion, a PE ratio of -3.53 and a beta of 2.06. 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 Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.67%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.96%.

Analyst Ratings Changes

Several analysts recently weighed in on PTEN shares. Citigroup decreased their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Barclays cut their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. 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 report on Friday, December 13th. Stifel Nicolaus dropped their price objective 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. Finally, Raymond James lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.63.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares of the company's stock, valued at $238,743.68. This 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. 2.30% of the stock is currently owned by company insiders.

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.