36,524 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Acquired by EntryPoint Capital LLC

EntryPoint Capital LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 36,524 shares of the oil and gas company's stock, valued at approximately $302,000.

Other hedge funds have also recently made changes to their positions in the company. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy in the fourth quarter worth $27,000. Smartleaf Asset Management LLC raised its holdings in 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 in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after purchasing an additional 1,358 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $85,000. Finally, Sciencast Management LP purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm's 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 sale, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Up 1.9 %

NASDAQ:PTEN traded up $0.16 on Tuesday, reaching $8.38. 5,674,656 shares of the stock traded hands, compared to its average volume of 8,314,456. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -3.39 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. The company's fifty day simple moving average is $8.29 and its 200 day simple moving average is $8.21.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.82%. Patterson-UTI Energy's payout ratio is currently -12.96%.

Analysts Set New Price Targets

Several analysts have commented on PTEN shares. Morgan Stanley lowered their price objective 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, March 27th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.54.

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.