Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Mesirow Institutional Investment Management Inc.

Mesirow Institutional Investment Management Inc. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 37.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 950,100 shares of the oil and gas company's stock after purchasing an additional 258,983 shares during the period. Mesirow Institutional Investment Management Inc. owned 0.24% of Patterson-UTI Energy worth $7,848,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Patterson-UTI Energy by 693.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock valued at $16,105,000 after acquiring an additional 1,704,087 shares during the last quarter. First Trust Advisors LP raised its position in Patterson-UTI Energy by 21.7% in the fourth quarter. First Trust Advisors LP now owns 869,719 shares of the oil and gas company's stock valued at $7,184,000 after purchasing an additional 155,147 shares during the period. Marshall Wace LLP lifted its stake in Patterson-UTI Energy by 310.3% during the fourth quarter. Marshall Wace LLP now owns 1,287,644 shares of the oil and gas company's stock worth $10,636,000 after purchasing an additional 973,799 shares in the last quarter. Ceredex Value Advisors LLC grew its stake in shares of Patterson-UTI Energy by 6.8% in the fourth quarter. Ceredex Value Advisors LLC now owns 1,330,350 shares of the oil and gas company's stock valued at $10,989,000 after buying an additional 84,950 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in shares of Patterson-UTI Energy by 46.4% in the 4th quarter. Gamco Investors INC. ET AL now owns 90,190 shares of the oil and gas company's stock valued at $745,000 after buying an additional 28,601 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade 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 currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $11.21.

Patterson-UTI Energy Price Performance

PTEN remained flat at $5.88 on Wednesday. The company's stock had a trading volume of 16,157,264 shares, compared to its average volume of 8,877,509. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.70. The stock's 50-day moving average is $7.39 and its 200 day moving average is $7.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The firm has a market cap of $2.27 billion, a PE ratio of -2.38 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.44%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

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.