ExodusPoint Capital Management LP Acquires New Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

ExodusPoint Capital Management LP acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 511,731 shares of the oil and gas company's stock, valued at approximately $4,227,000. ExodusPoint Capital Management LP owned 0.13% of Patterson-UTI Energy at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PTEN. Alliancebernstein L.P. grew its position in shares of Patterson-UTI Energy by 66.0% during the 4th quarter. Alliancebernstein L.P. now owns 820,362 shares of the oil and gas company's stock valued at $6,776,000 after acquiring an additional 326,188 shares during the period. Edmond DE Rothschild Holding S.A. grew its position in shares of Patterson-UTI Energy by 5.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,100,000 shares of the oil and gas company's stock valued at $17,346,000 after purchasing an additional 100,000 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Schroder Investment Management Group acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $511,000. Finally, Orion Portfolio Solutions LLC purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $87,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 3.0 %

NASDAQ:PTEN traded up $0.17 during trading hours on Friday, hitting $5.76. The company's stock had a trading volume of 6,984,627 shares, compared to its average volume of 8,573,351. The stock has a market capitalization of $2.23 billion, a P/E ratio of -2.33 and a beta of 1.60. 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 stock has a fifty day moving average of $7.85 and a 200-day moving average of $8.06. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $12.15.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders 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 yield of 5.56%. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction 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 transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The shares were bought 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 $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PTEN. 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. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday. Finally, 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 research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and a consensus price target of $11.38.

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.