Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Holdings Lowered by Natixis Advisors LLC

Natixis Advisors LLC cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 93.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,312 shares of the oil and gas company's stock after selling 543,678 shares during the period. Natixis Advisors LLC's holdings in Patterson-UTI Energy were worth $325,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. WFA Asset Management Corp purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $27,000. Smartleaf Asset Management LLC increased its holdings in Patterson-UTI Energy by 43.5% in 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 buying an additional 1,717 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in 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 buying an additional 1,358 shares in the last quarter. Kestra Investment Management LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth approximately $85,000. Finally, Quantinno Capital Management LP acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $97,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director now owns 1,549,081 shares of the company's stock, valued at $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. Company insiders own 2.30% of the company's stock.

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Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.19 during mid-day trading on Friday, reaching $8.19. 9,577,733 shares of the company's stock traded hands, compared to its average volume of 8,324,033. The business's 50-day moving average price is $8.33 and its 200-day moving average price is $8.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market capitalization of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders 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 dividend yield of 3.91%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is -12.96%.

Analyst Ratings Changes

PTEN has been the topic of several research reports. Stifel Nicolaus dropped their price target 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. Morgan Stanley dropped 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 report on Thursday. Raymond James lowered shares of 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 objective for the stock from $11.00 to $10.00 in a research note 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 given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.54.

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.