KLCM Advisors Inc. Reduces Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

KLCM Advisors Inc. reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 972,842 shares of the oil and gas company's stock after selling 37,708 shares during the period. KLCM Advisors Inc. owned about 0.25% of Patterson-UTI Energy worth $8,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after buying an additional 1,358 shares in the last quarter. Covestor Ltd grew its position in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. Blue Trust Inc. raised its stake in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after acquiring an additional 1,901 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in Patterson-UTI Energy in the third quarter valued at $75,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on 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 approximately $13,771,330.09. This represents a 12.93 % 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.

Analyst Ratings Changes

A number of analysts have recently commented on PTEN shares. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Citigroup decreased their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus target price of $11.63.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded down $0.03 on Thursday, hitting $8.83. 5,825,654 shares of the company's stock were exchanged, compared to its average volume of 9,085,068. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -3.57 and a beta of 2.06. The firm's 50-day moving average price is $8.44 and its two-hundred day moving average price is $8.37. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. 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 Dividend Announcement

The firm also recently disclosed 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 3.62%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy's payout ratio is -12.96%.

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.