Franklin Resources Inc. Has $3.28 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Franklin Resources Inc. trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 42.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 396,555 shares of the oil and gas company's stock after selling 287,066 shares during the period. Franklin Resources Inc. owned about 0.10% of Patterson-UTI Energy worth $3,276,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Patterson-UTI Energy during the 4th quarter valued at about $39,000. Smartleaf Asset Management LLC boosted its stake in shares of 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 valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of Patterson-UTI Energy by 31.4% during 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 buying an additional 1,358 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Susquehanna cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $11.21.

Patterson-UTI Energy Stock Up 4.9 %

Shares of Patterson-UTI Energy stock traded up $0.28 on Thursday, hitting $6.11. The company had a trading volume of 6,409,901 shares, compared to its average volume of 8,653,028. The stock has a 50-day moving average of $7.69 and a 200-day moving average of $8.02. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The firm has a market capitalization of $2.36 billion, a P/E ratio of -2.47 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction dated 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 completion of the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction 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 in the company, valued at approximately $634,224.50. This 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.

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.