Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Invesco Ltd.

Invesco Ltd. increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 27.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,208,086 shares of the oil and gas company's stock after buying an additional 1,351,001 shares during the quarter. Invesco Ltd. owned about 1.59% of Patterson-UTI Energy worth $51,279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PTEN. Polymer Capital Management US LLC purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at $217,000. Wells Fargo & Company MN lifted its stake in shares of Patterson-UTI Energy by 82.5% in the 4th quarter. Wells Fargo & Company MN now owns 811,010 shares of the oil and gas company's stock valued at $6,699,000 after purchasing an additional 366,512 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $4,227,000. Alliancebernstein L.P. raised its holdings in shares of Patterson-UTI Energy by 66.0% during the fourth 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 last quarter. Finally, Edmond DE Rothschild Holding S.A. lifted its holdings in Patterson-UTI Energy by 5.0% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Carl Stewart sold 48,149 shares of the firm's 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 in the company, valued at $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of PTEN traded down $0.27 during trading hours on Monday, reaching $5.81. The company had a trading volume of 750,503 shares, compared to its average volume of 8,700,550. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -2.36 and a beta of 1.60. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.70. The firm has a 50 day simple moving average of $7.57 and a 200-day simple moving average of $8.00. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group reduced their target price 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. Morgan Stanley cut their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. Finally, Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.21.

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.