Horizon Kinetics Asset Management LLC Cuts Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Horizon Kinetics Asset Management LLC lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 347,542 shares of the oil and gas company's stock after selling 45,995 shares during the quarter. Horizon Kinetics Asset Management LLC owned about 0.09% of Patterson-UTI Energy worth $2,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 43.5% during the fourth 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 in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of 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 valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. KBC Group NV lifted its holdings in shares of Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock valued at $84,000 after purchasing an additional 1,723 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $85,000. 97.91% of the stock is owned by institutional investors.

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Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded down $0.03 on Friday, reaching $8.38. The stock had a trading volume of 30,315,974 shares, compared to its average volume of 7,997,390. The stock has a market cap of $3.24 billion, a P/E ratio of -3.39 and a beta of 1.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65. The company has a 50 day simple moving average of $8.40 and a 200 day simple moving average of $8.20.

Patterson-UTI Energy Announces Dividend

The firm 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. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.82%. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Insider Transactions 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 completion of the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price 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. This trade represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PTEN. Stifel Nicolaus reduced their price objective on 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. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $11.63.

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.