Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is Monaco Asset Management SAM's 9th Largest Position

Monaco Asset Management SAM increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 50.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 900,000 shares of the oil and gas company's stock after purchasing an additional 300,000 shares during the quarter. Patterson-UTI Energy accounts for about 1.1% of Monaco Asset Management SAM's investment portfolio, making the stock its 9th largest holding. Monaco Asset Management SAM owned about 0.23% of Patterson-UTI Energy worth $7,434,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PTEN. State Street Corp increased its holdings in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the period. Victory Capital Management Inc. increased its stake in Patterson-UTI Energy by 30.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after purchasing an additional 265,714 shares in the last quarter. Versor Investments LP increased its stake in Patterson-UTI Energy by 53.0% in the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company's stock worth $1,453,000 after purchasing an additional 60,900 shares in the last quarter. Ieq Capital LLC increased its stake in Patterson-UTI Energy by 262.6% in the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company's stock worth $360,000 after purchasing an additional 31,589 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after acquiring an additional 1,743,241 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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Patterson-UTI Energy Stock Up 0.8 %

PTEN stock traded up $0.06 during trading on Tuesday, reaching $7.92. 12,322,404 shares of the stock were exchanged, compared to its average volume of 7,872,571. The firm's 50 day moving average is $8.42 and its 200 day moving average is $8.21. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.06 billion, a P/E ratio of -3.21 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.04%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company's stock in a transaction that occurred on 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 completion of the purchase, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 358,149 shares of company stock valued at $2,990,766 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PTEN shares. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a report on Monday, January 6th. Raymond James lowered 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 Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $11.63.

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.