Fisher Asset Management LLC Has $41.60 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Fisher Asset Management LLC cut its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,035,871 shares of the oil and gas company's stock after selling 232,895 shares during the period. Fisher Asset Management LLC owned approximately 1.29% of Patterson-UTI Energy worth $41,596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB increased its stake in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after acquiring an additional 1,358 shares during the last quarter. Covestor Ltd raised its position in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 3,307 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company's stock valued at $75,000 after purchasing an additional 3,221 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth $85,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 80,000 shares of the company's stock in a transaction 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 sale, 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 disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on PTEN shares. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating 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 decreased their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a report on Monday, January 6th. One research 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.82 during trading on Monday, reaching $7.49. The stock had a trading volume of 18,372,698 shares, compared to its average volume of 7,571,563. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market cap of $2.89 billion, a PE ratio of -3.03 and a beta of 2.06. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The firm's 50 day moving average price is $8.53 and its two-hundred day moving average price is $8.32.

Patterson-UTI Energy Announces Dividend

The firm also recently declared 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. This represents a $0.32 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

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.