EntryPoint Capital LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

EntryPoint Capital LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,524 shares of the oil and gas company's stock, valued at approximately $302,000.

A number of other institutional investors have also recently bought and sold shares of PTEN. Victory Capital Management Inc. raised its stake in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after acquiring an additional 265,714 shares in the last quarter. State Street Corp increased its position in shares of Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Versor Investments LP lifted its holdings in Patterson-UTI Energy by 53.0% during 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 purchasing an additional 60,900 shares during the last quarter. Ieq Capital LLC boosted its position in Patterson-UTI Energy by 262.6% in the fourth 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. Finally, Van ECK Associates Corp grew its stake in 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 worth $60,477,000 after buying an additional 1,743,241 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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Wall Street Analysts Forecast Growth

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

Patterson-UTI Energy Stock Performance

Shares of PTEN traded up $0.08 during trading hours on Monday, hitting $8.27. The company had a trading volume of 3,271,671 shares, compared to its average volume of 8,304,783. The business has a fifty day moving average of $8.33 and a 200-day moving average of $8.20. 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 firm has a market cap of $3.19 billion, a price-to-earnings ratio of -3.35 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.87%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.96%.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $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.

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.